------------------------------------------------------------------------------------------------------------------------
      name:  <unnamed>
       log:  /Users/gxzheng/Desktop/fintech/fin_addition/fin_addition.log
  log type:  text
 opened on:  16 May 2023, 17:51:08

. 
. * 2019 all patent permco
. import delimited "patent_permco(20191231)_update_with_missing_2.csv",clear
(encoding automatically selected: ISO-8859-1)
(5 vars, 8,943,678 obs)

. gen patent_id = wku

. keep patent_id permco

. duplicates drop

Duplicates in terms of all variables

(797,745 observations deleted)

. save allpat_permco_2019, replace
file allpat_permco_2019.dta saved

. 
. * 2019 public data patent permco
. import delimited "patent_permco_permno_match_public.csv",clear
(encoding automatically selected: ISO-8859-1)
(3 vars, 2,950,305 obs)

. gen patent_id = patent_num

. keep patent_id permco

. save public_patent_permco_2019, replace
file public_patent_permco_2019.dta saved

. 
. * 2019 public data patent values
. import delimited "KPSS_2019_public.csv",clear
(encoding automatically selected: ISO-8859-1)
(7 vars, 2,950,305 obs)

. gen patent_id = patent_num

. merge 1:1 patent_id using public_patent_permco_2019

    Result                      Number of obs
    -----------------------------------------
    Not matched                             0
    Matched                         2,950,305  (_merge==3)
    -----------------------------------------

. drop _m

. save public_patval_permco_2019, replace
file public_patval_permco_2019.dta saved

. 
. * 2019 all patents filing date and issue date
. import delimited "full_date(20191231)_with_missing.csv",clear
(encoding automatically selected: ISO-8859-1)
(3 vars, 8,914,441 obs)

. gen patent_id = wku

. merge 1:m patent_id using allpat_permco_2019

    Result                      Number of obs
    -----------------------------------------
    Not matched                     1,845,102
        from master                 1,470,660  (_merge==1)
        from using                    374,442  (_merge==2)

    Matched                         7,771,491  (_merge==3)
    -----------------------------------------

. drop _m

. tostring file_date, gen (app)
app generated as str8

. gen app_date = date(app, "YMD")
(374,445 missing values generated)

. gen app_year = year(app_date)
(374,445 missing values generated)

. tab app_year

   app_year |      Freq.     Percent        Cum.
------------+-----------------------------------
       1834 |         34        0.00        0.00
       1835 |         73        0.00        0.00
       1836 |         18        0.00        0.00
       1837 |         37        0.00        0.00
       1838 |          9        0.00        0.00
       1839 |          9        0.00        0.00
       1844 |          1        0.00        0.00
       1848 |          1        0.00        0.00
       1851 |          1        0.00        0.00
       1852 |          1        0.00        0.00
       1853 |          1        0.00        0.00
       1857 |          1        0.00        0.00
       1858 |          1        0.00        0.00
       1859 |          2        0.00        0.00
       1863 |          1        0.00        0.00
       1865 |          1        0.00        0.00
       1868 |          5        0.00        0.00
       1869 |          3        0.00        0.00
       1880 |          4        0.00        0.00
       1881 |          2        0.00        0.00
       1882 |          2        0.00        0.00
       1883 |          2        0.00        0.00
       1884 |          6        0.00        0.00
       1885 |          6        0.00        0.00
       1886 |          7        0.00        0.00
       1887 |          4        0.00        0.00
       1888 |          7        0.00        0.00
       1889 |          1        0.00        0.00
       1895 |          1        0.00        0.00
       1899 |          1        0.00        0.00
       1900 |         11        0.00        0.00
       1903 |          2        0.00        0.00
       1904 |          4        0.00        0.00
       1905 |         12        0.00        0.00
       1906 |          1        0.00        0.00
       1907 |          5        0.00        0.00
       1908 |          5        0.00        0.00
       1909 |          1        0.00        0.00
       1910 |          3        0.00        0.00
       1911 |          1        0.00        0.00
       1912 |          9        0.00        0.00
       1913 |         15        0.00        0.00
       1914 |         25        0.00        0.00
       1915 |         39        0.00        0.00
       1916 |        105        0.00        0.01
       1917 |        200        0.00        0.01
       1918 |        395        0.00        0.01
       1919 |      1,179        0.01        0.02
       1920 |      2,912        0.03        0.06
       1921 |      6,448        0.07        0.13
       1922 |     10,999        0.12        0.24
       1923 |     17,833        0.19        0.44
       1924 |     28,580        0.31        0.75
       1925 |     44,096        0.48        1.22
       1926 |     48,839        0.53        1.75
       1927 |     51,783        0.56        2.31
       1928 |     50,319        0.54        2.86
       1929 |     49,991        0.54        3.40
       1930 |     49,826        0.54        3.94
       1931 |     47,013        0.51        4.45
       1932 |     41,391        0.45        4.89
       1933 |     36,102        0.39        5.28
       1934 |     37,594        0.41        5.69
       1935 |     38,955        0.42        6.11
       1936 |     41,347        0.45        6.56
       1937 |     42,527        0.46        7.02
       1938 |     44,034        0.48        7.50
       1939 |     43,462        0.47        7.97
       1940 |     43,427        0.47        8.44
       1941 |     38,141        0.41        8.85
       1942 |     32,327        0.35        9.20
       1943 |     30,851        0.33        9.53
       1944 |     34,331        0.37        9.90
       1945 |     38,804        0.42       10.32
       1946 |     42,908        0.46       10.79
       1947 |     40,588        0.44       11.23
       1948 |     39,313        0.43       11.65
       1949 |     40,033        0.43       12.09
       1950 |     40,478        0.44       12.52
       1951 |     37,563        0.41       12.93
       1952 |     39,832        0.43       13.36
       1953 |     43,487        0.47       13.83
       1954 |     47,996        0.52       14.35
       1955 |     48,545        0.53       14.88
       1956 |     47,787        0.52       15.39
       1957 |     47,852        0.52       15.91
       1958 |     50,614        0.55       16.46
       1959 |     51,469        0.56       17.02
       1960 |     52,172        0.56       17.58
       1961 |     53,799        0.58       18.16
       1962 |     56,465        0.61       18.77
       1963 |     58,754        0.64       19.41
       1964 |     60,962        0.66       20.07
       1965 |     67,052        0.73       20.79
       1966 |     63,757        0.69       21.48
       1967 |     63,484        0.69       22.17
       1968 |     67,092        0.73       22.90
       1969 |     68,631        0.74       23.64
       1970 |     69,442        0.75       24.39
       1971 |     69,653        0.75       25.14
       1972 |     66,312        0.72       25.86
       1973 |     69,051        0.75       26.61
       1974 |     69,390        0.75       27.36
       1975 |     68,637        0.74       28.10
       1976 |     68,523        0.74       28.84
       1977 |     68,504        0.74       29.59
       1978 |     68,143        0.74       30.32
       1979 |     68,311        0.74       31.06
       1980 |     69,087        0.75       31.81
       1981 |     66,560        0.72       32.53
       1982 |     67,599        0.73       33.26
       1983 |     63,914        0.69       33.95
       1984 |     69,587        0.75       34.71
       1985 |     74,104        0.80       35.51
       1986 |     78,122        0.85       36.35
       1987 |     84,498        0.91       37.27
       1988 |     93,560        1.01       38.28
       1989 |     99,923        1.08       39.36
       1990 |    103,408        1.12       40.48
       1991 |    104,293        1.13       41.61
       1992 |    108,227        1.17       42.78
       1993 |    112,769        1.22       44.00
       1994 |    128,082        1.39       45.38
       1995 |    149,605        1.62       47.00
       1996 |    149,314        1.62       48.62
       1997 |    174,559        1.89       50.51
       1998 |    173,177        1.87       52.38
       1999 |    185,437        2.01       54.39
       2000 |    201,010        2.17       56.56
       2001 |    213,375        2.31       58.87
       2002 |    218,343        2.36       61.23
       2003 |    212,158        2.30       63.53
       2004 |    207,804        2.25       65.78
       2005 |    210,932        2.28       68.06
       2006 |    216,473        2.34       70.40
       2007 |    224,098        2.42       72.83
       2008 |    226,495        2.45       75.28
       2009 |    217,665        2.36       77.63
       2010 |    229,433        2.48       80.12
       2011 |    248,079        2.68       82.80
       2012 |    270,674        2.93       85.73
       2013 |    282,758        3.06       88.79
       2014 |    283,353        3.07       91.85
       2015 |    273,065        2.95       94.81
       2016 |    236,307        2.56       97.37
       2017 |    170,334        1.84       99.21
       2018 |     66,639        0.72       99.93
       2019 |      6,543        0.07      100.00
------------+-----------------------------------
      Total |  9,242,148      100.00

. * app year 2000-2018
. keep if app_year >=2000 & app_year<=2018
(5,407,598 observations deleted)

. save allpat_20002018,replace
file allpat_20002018.dta saved

. 
. * citation
. import delimited "wku_citation.csv",clear
(encoding automatically selected: ISO-8859-1)
(3 vars, 6,513,476 obs)

. gen patent_id = wku

. save cit, replace
file cit.dta saved

. 
. * cpi
. import delimited "CPIAUCNS.csv",clear
(encoding automatically selected: ISO-8859-2)
(2 vars, 1,287 obs)

. gen d = date(date, "YMD")

. gen year = year(d)

. gen m = month(d)

. keep if m==12
(1,180 observations deleted)

. gen cpi = cpiaucns/97.6 *100

. keep year cpi

. save cpi, replace
file cpi.dta saved

. 
. * financial patents
. use financial_patent_data_v3,clear

. merge 1:1 patent_id using public_patval_permco_2019

    Result                      Number of obs
    -----------------------------------------
    Not matched                     2,955,314
        from master                    14,632  (_merge==1)
        from using                  2,940,682  (_merge==2)

    Matched                             9,623  (_merge==3)
    -----------------------------------------

. drop if _m==2
(2,940,682 observations deleted)

. drop _m

. * ??? use patent values from v3 or 2019 public
. bysort permco: egen suminn = sum( xi_real)

. keep if suminn != 0
(14,632 observations deleted)

. gen fin=1

. save fin_pat, replace
file fin_pat.dta saved

. 
. keep permco 

. duplicates drop

Duplicates in terms of all variables

(9,241 observations deleted)

. save patval_permco, replace
file patval_permco.dta saved

. * 382 firms with at least one fin patent (patval from 2019 public)
. 
. * total asset and rd expense data from CCM
. * ccm
. use ccm_full, clear

. ren LPERMCO permco

. merge m:1 permco using patval_permco

    Result                      Number of obs
    -----------------------------------------
    Not matched                       119,668
        from master                   119,667  (_merge==1)
        from using                          1  (_merge==2)

    Matched                             5,926  (_merge==3)
    -----------------------------------------

. keep if _m==3
(119,668 observations deleted)

. * fiscal year 2000-2018
. keep if fyear <=2018
(450 observations deleted)

. tab fyear

Data Year - |
     Fiscal |      Freq.     Percent        Cum.
------------+-----------------------------------
       2000 |        292        5.33        5.33
       2001 |        292        5.33       10.66
       2002 |        295        5.39       16.05
       2003 |        300        5.48       21.53
       2004 |        314        5.73       27.26
       2005 |        319        5.83       33.09
       2006 |        318        5.81       38.90
       2007 |        319        5.83       44.72
       2008 |        306        5.59       50.31
       2009 |        295        5.39       55.70
       2010 |        288        5.26       60.96
       2011 |        284        5.19       66.14
       2012 |        283        5.17       71.31
       2013 |        282        5.15       76.46
       2014 |        278        5.08       81.54
       2015 |        265        4.84       86.38
       2016 |        258        4.71       91.09
       2017 |        250        4.57       95.65
       2018 |        238        4.35      100.00
------------+-----------------------------------
      Total |      5,476      100.00

. bysort permco: egen sumrd = sum( xrd )

. keep if sumrd !=0
(1,554 observations deleted)

. * more than one at value for permco 20103
. drop if permco == 20103 & cusip != "001957505"
(2 observations deleted)

. drop _m

. 
. /*
> merge m:1 fyear using cpi 
> drop if _m==2
> drop _m
> 
> merge m:1 permco fyear using mktcap, keepusing(mktcap)
> drop if _m==2
> drop _m
> replace mktcap = mktcap / 1000
> */
. 
. * market value
. gen mv = prcc_f * csho
(5 missing values generated)

. 
. * book value
. gen a = ceq + txditc - pstkrv
(338 missing values generated)

. replace a = at - lt if a == .
(334 real changes made)

. gen a1 = at - lt if at != . & lt !=.
(15 missing values generated)

. 
. * tobinq
. gen q = mv/a
(7 missing values generated)

. gen q1 = mv/a1
(18 missing values generated)

. sum q*

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
           q |      3,913   -18.17916    1440.014   -90020.9   2027.992
          q1 |      3,902     4.35536     43.3657  -996.9266   1743.048

. 
. 
. keep permco fyear xrd mv a* q*

. duplicates drop

Duplicates in terms of all variables

(6 observations deleted)

. bysort permco fyear: gen n=_N

. tab n

          n |      Freq.     Percent        Cum.
------------+-----------------------------------
          1 |      3,904       99.74       99.74
          2 |         10        0.26      100.00
------------+-----------------------------------
      Total |      3,914      100.00

. drop if xrd==. & n==2
(9 observations deleted)

. drop n

. save permco_y_rd,replace
file permco_y_rd.dta saved

. keep permco

. duplicates drop

Duplicates in terms of all variables

(3,627 observations deleted)

. save permco,replace
file permco.dta saved

. * 278 firms in total with at least one fin patent and non-missing/non-zero rd
. 
. 
. * final dataset
. use allpat_20002018, clear

. 
. * citation
. merge m:1 wku using cit

    Result                      Number of obs
    -----------------------------------------
    Not matched                     6,457,847
        from master                 2,041,744  (_merge==1)
        from using                  4,416,103  (_merge==2)

    Matched                         2,167,251  (_merge==3)
    -----------------------------------------

. drop if _m==2
(4,416,103 observations deleted)

. drop _m

. replace citation=0 if citation==.
(2,041,744 real changes made)

. 
. * financial patents
. merge 1:1 patent_id permco using fin_pat, keepusing(fin)
(variable patent_id was float, now double to accommodate using data's values)

    Result                      Number of obs
    -----------------------------------------
    Not matched                     4,199,372
        from master                 4,199,372  (_merge==1)
        from using                          0  (_merge==2)

    Matched                             9,623  (_merge==3)
    -----------------------------------------

. drop _m

. replace fin = 0 if fin == .
(4,199,372 real changes made)

. 
. * kogan values
. merge 1:1 patent_id permco using public_patval_permco_2019, keepusing(xi_real)

    Result                      Number of obs
    -----------------------------------------
    Not matched                     4,229,032
        from master                 2,743,861  (_merge==1)
        from using                  1,485,171  (_merge==2)

    Matched                         1,465,134  (_merge==3)
    -----------------------------------------

. drop if _m==2
(1,485,171 observations deleted)

. drop _m

. 
. * select the firms with at least one financial patent and non-zero/ non-missing rd expenditure
. merge m:1 permco using permco
(variable permco was long, now double to accommodate using data's values)

    Result                      Number of obs
    -----------------------------------------
    Not matched                     3,006,308
        from master                 3,006,308  (_merge==1)
        from using                          0  (_merge==2)

    Matched                         1,202,687  (_merge==3)
    -----------------------------------------

. keep if _m==3
(3,006,308 observations deleted)

. drop _m

. * 1,202,687 patents in total
. * ??? patents assigned to multiple firms
. 
. gen fyear = app_year

. merge m:1 permco fyear using permco_y_rd
(variable fyear was float, now double to accommodate using data's values)

    Result                      Number of obs
    -----------------------------------------
    Not matched                        80,614
        from master                    80,156  (_merge==1)
        from using                        458  (_merge==2)

    Matched                         1,122,531  (_merge==3)
    -----------------------------------------

. drop _m

. replace app_year = fyear if app_year == .
(458 real changes made)

. replace fin = 0 if fin == .
(458 real changes made)

. 
. 
. * check
. bysort permco: egen sumrd = sum(xrd)

. sum sumrd

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
       sumrd |  1,203,145    1.21e+08    1.57e+08       .646   5.58e+08

. bysort permco: egen sumf = sum(fin)

. sum sumf

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
        sumf |  1,203,145    93.38765     157.667          1        576

. drop sumrd sumf wku 

. save fin_addition, replace
file fin_addition.dta saved

. 
. 
. *****************************************************************************
. * analysis
. * fin vs non-fin patents
. * report semielasticities in 1sd change
. 
. 
. 
. foreach f of numlist 1 5 10{
  2. 
.         use fin_addition, clear
  3.         *keep if app_year<=2013
. 
.         bysort permco: egen total_fin_count = sum (fin)
  4.         keep if total_fin_count >= `f'
  5.         tab fin
  6. 
.         * patent count
.         gen n=1 if patent_id != .
  7.         bysort permco app_year : egen pat_count = sum(n)
  8.         bysort permco app_year : egen fin_count = sum(fin)
  9.         gen nonfin = 1 if fin == 0 & patent_id != .
 10.         bysort permco app_year : egen nonfin_count = sum(nonfin)
 11.         bysort permco: egen total_nonfin = sum(nonfin)
 12. 
.         * mean cit (adj)
.         bysort app_year: egen total_cit = sum(citation)
 13.         bysort app_year: egen total_count = sum(n)
 14.         gen mcit = total_cit/total_count
 15.         gen adjcit = citation/mcit
 16.         bysort permco app_year fin: egen madjcit = mean(adjcit)
 17.         bysort permco app_year fin: egen sumadjcit = sum(adjcit)
 18. 
.         * mean kogan values
.         bysort permco app_year: egen mkogan_total = mean(xi_real)
 19.         bysort permco app_year: egen sumkogan_total = sum(xi_real)
 20. 
.         bysort permco app_year fin: egen mkogan = mean(xi_real)
 21.         bysort permco app_year fin: egen sumkogan = sum(xi_real)
 22. 
.         * apportion rd expense by fin & nonfin patent counts
.         gen fin_rd = fin_count/pat_count * xrd
 23.         gen nonfin_rd = nonfin_count/pat_count * xrd
 24. 
.         keep permco app_year fin fin_count nonfin_count madjcit sumadjcit mkogan* sumkogan* fin_rd nonfin_rd a q mv xr
> d total_nonfin pat_count
 25.         duplicates drop
 26.         reshape wide madjcit sumadjcit mkogan sumkogan, i(permco app_year) j(fin)
 27.         ren madjcit0 nonfin_madjcit
 28.         ren madjcit1 fin_madjcit
 29.         ren sumadjcit0 nonfin_sumadjcit
 30.         ren sumadjcit1 fin_sumadjcit
 31.         ren mkogan0 nonfin_mkogan
 32.         ren mkogan1 fin_mkogan
 33.         ren sumkogan0 nonfin_sumkogan
 34.         ren sumkogan1 fin_sumkogan
 35. 
. 
.         * start from the year with the first financial patent application
.         sort permco app_year
 36.         bysort permco: gen n = _n
 37. 
.         forvalues x = 1/19{
 38. 
.                 drop if n==1 & fin_count == 0 
 39.                 drop n
 40.                 sort permco app_year
 41.                 bysort permco: gen n = _n
 42. 
.         }
 43. 
.         * calculate patent stock
.         foreach var of varlist fin* nonfin* xrd sumkogan_total pat_count{
 44.                 replace `var' = 0 if `var' == .
 45.                 gen s`var' = `var' if n== 1
 46.                 label variable s`var' "`var' stock"
 47. 
.                 forvalues x = 2/19{
 48.                         * first year: no depreciation
.                         * depreciation rate is 0.15
.                         bysort permco: replace s`var' = s`var'[_n-1] * (1- 0.15) + `var' if n==`x'
 49.                 }
 50.         }
 51. 
.         * kogan/rd
.         gen krdv_total = mkogan_total / xrd
 52.         gen krdv_fin = fin_mkogan / fin_rd
 53.         gen krdv_nonfin = nonfin_mkogan / nonfin_rd
 54. 
.         * kogan stock to rd stock
.         gen krd_total = ssumkogan_total / sxrd / spat_count
 55.         gen krd_fin = sfin_sumkogan / sfin_rd / sfin_count
 56.         gen krd_nonfin = snonfin_sumkogan / snonfin_rd/ snonfin_count
 57. 
.         sum krd* 
 58. 
.         * market-to-book value
.         gen logq = log(q)
 59. 
.         tsset permco app_year
 60. 
.         foreach var in fin nonfin{
 61.                 * rd and a are in millions
.                 gen rda_`var' = s`var'_rd / a
 62.                 gen prd_`var' = s`var'_count / s`var'_rd 
 63.                 gen mcit_`var' = s`var'_sumadjcit / s`var'_count
 64.                 gen crd_`var' = mcit_`var'/ s`var'_rd
 65.         }
 66. 
. 
.         * regressions
. 
.         tab app_year, gen(y_)
 67. 
.         * dummy for zero rd expense
.         gen fin_drd = 0
 68.         replace fin_drd = 1 if fin_rd == 0
 69.         gen nonfin_drd = 0
 70.         replace nonfin_drd = 1 if nonfin_rd == 0
 71. 
. 
.         drop if q<0
 72.         drop if rda_fin ==. | prd_fin ==. | mcit_fin ==. | rda_nonfin ==. |  prd_nonfin ==. |  mcit_nonfin ==. 
 73.     // sum
.         
.         // gen rda = rda_fin+rda_nonfin
.         // eststo joint_`f': nl (logq = {b0} +log(1+{b1}*rda+ {b3}*prd_fin +{b4}*prd_nonfin+{b5}*mcit_fin+{b6}*mcit_no
> nfin) + {b7}*y_1 + {b8}*y_2  + {b9}*y_3 + {b10}* y_4 + {b11}*y_5 + {b12}*y_6 + {b13}*y_7 + {b14}*y_8 + {b15}*y_9+ {b16
> }*y_10 + {b17}*y_11 + {b18}*y_12  + {b19}*y_13 + {b20}* y_14 + {b21}*y_15 + {b22}*y_16 + {b23}*y_17 + {b24}*y_18 + {b2
> 5}*y_19 + {b26}*fin_drd+{b27}*nonfin_drd) if rda_fin !=. & prd_fin !=. & mcit_fin !=. & rda_nonfin !=. & prd_nonfin !=
> . & mcit_nonfin !=.,r
.         
.         eststo joint_`f': nl (logq = {b0} +log(1+{b1}*rda_fin +{b2}*rda_nonfin+ {b3}*prd_fin +{b4}*prd_nonfin+{b5}*mci
> t_fin+{b6}*mcit_nonfin) + {b7}*y_1 + {b8}*y_2  + {b9}*y_3 + {b10}* y_4 + {b11}*y_5 + {b12}*y_6 + {b13}*y_7 + {b14}*y_8
>  + {b15}*y_9+ {b16}*y_10 + {b17}*y_11 + {b18}*y_12  + {b19}*y_13 + {b20}* y_14 + {b21}*y_15 + {b22}*y_16 + {b23}*y_17 
> + {b24}*y_18 + {b25}*y_19 + {b26}*fin_drd+{b27}*nonfin_drd) if rda_fin !=. & prd_fin !=. & mcit_fin !=. & rda_nonfin !
> =. & prd_nonfin !=. & mcit_nonfin !=.,r
 74. 
. 
.         gen double gamma1_fin = _b[/b1]
 75.         gen double gamma2_fin = _b[/b3]
 76.         gen double gamma3_fin = _b[/b5]
 77.         gen double gamma1_nonfin = _b[/b2]
 78.         gen double gamma2_nonfin = _b[/b4]
 79.         gen double gamma3_nonfin = _b[/b6]
 80.         
.         *rda 
.         foreach var in  fin_rd nonfin_rd rda_fin fin_count nonfin_count prd_fin mcit_fin rda_nonfin prd_nonfin mcit_no
> nfin{
 81.                 egen avg`var'`f' = mean(`var')
 82.                 egen med`var'`f' = median(`var')
 83.                 egen sd`var'`f' = sd(`var')
 84.         }
 85. 
.         foreach var in avg med{
 86.         * semi-elasticities of rd/a, patcount/rd, cit/patcount
.                 
.         // gen est`var' = (1+gamma1*`var'rda + gamma2_fin*`var'prd_fin + gamma3_fin*`var'mcit_fin+ gamma2_nonfin*`var'
> prd_nonfin + gamma3_nonfin*`var'mcit_nonfin)^(-1)
. 
.         gen est`var' = (1+gamma1_fin*`var'rda_fin`f' + gamma2_fin*`var'prd_fin`f' + gamma3_fin*`var'mcit_fin`f'+gamma1
> _nonfin*`var'rda_nonfin`f' + gamma2_nonfin*`var'prd_nonfin`f' + gamma3_nonfin*`var'mcit_nonfin`f')^(-1)
 87. 
.         }
 88. 
.         foreach v in avg med{
 89.                 foreach var in fin nonfin{
 90.                  // gen semie_rda_`var'`v'`f' = gamma1_`var' * est`v' * sdrda_`var'`f'
.                  //     gen semie_prd_`var'`v'`f' = gamma2_`var' * est`v' * sdprd_`var'`f'
.                         gen semie_mcit_`var'`v'`f' = gamma3_`var' * est`v' * sdmcit_`var'`f'                    
 91.                  // gen semie_qrd_`var'`v'`f' = crd_`var' * gamma3_`var' * est`v'
.                         gen semie_qrd2_`var'`v'`f' = crd_`var' * gamma3_`var' * est`v' * sd`var'_rd
 92.                         
. 
.                 }
 93.                 
.                 // gen semie_rda`v'`f' = gamma1 * est`v' * sdrda`f'
.         }
 94. 
.         tabstat semie* 
 95.         sum mcit* krd*
 96. 
.         
.         label variable mv "Market value ($M)"
 97.         label variable a "Book value ($M)"
 98.         label variable q "Market-to-book value"
 99.         label variable fin_rd "Fin R&D expense (M)"
100.         label variable nonfin_rd "Non-fin R&D expense (M)"
101.         label variable fin_count "Fin patent awards"
102.         label variable nonfin_count "Non-fin patent awards"
103.         label variable fin_sumadjcit "Fin citations"
104.         label variable nonfin_sumadjcit "Non-fin citations"
105.         label variable fin_sumkogan "Fin Kogan value (M)"
106.         label variable nonfin_sumkogan "Non-fin Kogan value (M)"
107. 
.         label variable sfin_rd "Fin R&D stock (M)"
108.         label variable snonfin_rd "Non-fin R&D stock (M)"
109.         label variable sfin_count "Fin patent award stock"
110.         label variable snonfin_count "Non-fin patent award stock"
111.         label variable sfin_sumadjcit "Fin citation stock"
112.         label variable snonfin_sumadjcit "Non-fin citation stock"
113.         label variable sfin_sumkogan "Fin Kogan stock"
114.         label variable snonfin_sumkogan "Non-fin Kogan stock"
115.         label variable fin_drd "D(Fin R&D = 0)"
116.         label variable nonfin_drd "D(Non-fin R&D = 0)"
117.         label variable rda_fin "Fin R&D/Assets"
118.         label variable rda_nonfin "Non-fin R&D/Assets"
119.         label variable prd_fin "Fin patents/R&D"
120.         label variable prd_nonfin "Non-fin patents/R&D"
121.         label variable mcit_fin "Fin citation/patent"
122.         label variable mcit_nonfin "Non-fin citation/patent"
123.         label variable krdv_fin "Fin mean Kogan/R&D"
124.         label variable krdv_nonfin "Non-fin mean Kogan/R&D"
125.         
. 
.         * Table A-23, full description of summary statistics
.         if `f' == 1 {
126.         estpost tabstat mv a q sfin_rd snonfin_rd sfin_count snonfin_count sfin_sumadjcit snonfin_sumadjcit rda_fin
>  rda_nonfin prd_fin prd_nonfin mcit_fin mcit_nonfin krdv_fin krdv_nonfin fin_drd nonfin_drd, c(stat) stat(mean median 
> min max sd)
127.                 esttab . using "TabA23_fullsumstat.tex", cells("mean(fmt(2)) p50(fmt(2)) min(fmt(2)) max(fmt(2)) sd
> (fmt(2))") ///
>                 nonumber nomtitle nonote noobs label collabels("Mean" "Median" "Mininum" "Maximum" "Standard Deviation
> ") replace
128.     }
129. 
.         * For Tab 12, A26
.         eststo private_fin_`f': estpost tabstat krdv_fin semie_mcit_fin* semie_qrd2_fin*, c(stat) s(mean)
130.         estadd scalar min_n_fin_pat = `f'
131.         
.         eststo private_nonfin_`f': estpost tabstat krdv_nonfin semie_mcit_nonfin* semie_qrd2_nonfin*, c(stat) s(mean)
132.         estadd scalar min_n_fin_pat = `f'
133.         
. }
(0 observations deleted)

        fin |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |  1,197,776       99.55       99.55
          1 |      5,369        0.45      100.00
------------+-----------------------------------
      Total |  1,203,145      100.00
(458 missing values generated)
(5,827 missing values generated)
(458 missing values generated)
(458 missing values generated)
(74,784 missing values generated)
(74,874 missing values generated)
(91,601 missing values generated)
(91,601 missing values generated)

Duplicates in terms of all variables

(1,197,403 observations deleted)
(j = 0 1)

Data                               Long   ->   Wide
-----------------------------------------------------------------------------
Number of observations            5,742   ->   4,597       
Number of variables                  19   ->   22          
j variable (2 values)               fin   ->   (dropped)
xij variables:
                                madjcit   ->   madjcit0 madjcit1
                              sumadjcit   ->   sumadjcit0 sumadjcit1
                                 mkogan   ->   mkogan0 mkogan1
                               sumkogan   ->   sumkogan0 sumkogan1
-----------------------------------------------------------------------------
(181 observations deleted)
(142 observations deleted)
(119 observations deleted)
(97 observations deleted)
(81 observations deleted)
(62 observations deleted)
(50 observations deleted)
(40 observations deleted)
(30 observations deleted)
(23 observations deleted)
(20 observations deleted)
(13 observations deleted)
(10 observations deleted)
(5 observations deleted)
(3 observations deleted)
(1 observation deleted)
(1 observation deleted)
(0 observations deleted)
(0 observations deleted)
(2,521 real changes made)
(3,441 missing values generated)
(278 real changes made)
(277 real changes made)
(271 real changes made)
(265 real changes made)
(256 real changes made)
(245 real changes made)
(234 real changes made)
(213 real changes made)
(203 real changes made)
(192 real changes made)
(178 real changes made)
(166 real changes made)
(150 real changes made)
(135 real changes made)
(121 real changes made)
(106 real changes made)
(89 real changes made)
(62 real changes made)
(2,521 real changes made)
(3,441 missing values generated)
(278 real changes made)
(277 real changes made)
(271 real changes made)
(265 real changes made)
(256 real changes made)
(245 real changes made)
(234 real changes made)
(213 real changes made)
(203 real changes made)
(192 real changes made)
(178 real changes made)
(166 real changes made)
(150 real changes made)
(135 real changes made)
(121 real changes made)
(106 real changes made)
(89 real changes made)
(62 real changes made)
(2,521 real changes made)
(3,441 missing values generated)
(278 real changes made)
(277 real changes made)
(271 real changes made)
(265 real changes made)
(256 real changes made)
(245 real changes made)
(234 real changes made)
(213 real changes made)
(203 real changes made)
(192 real changes made)
(178 real changes made)
(166 real changes made)
(150 real changes made)
(135 real changes made)
(121 real changes made)
(106 real changes made)
(89 real changes made)
(62 real changes made)
(2,521 real changes made)
(3,441 missing values generated)
(278 real changes made)
(277 real changes made)
(271 real changes made)
(265 real changes made)
(256 real changes made)
(245 real changes made)
(234 real changes made)
(213 real changes made)
(203 real changes made)
(192 real changes made)
(178 real changes made)
(166 real changes made)
(150 real changes made)
(135 real changes made)
(121 real changes made)
(106 real changes made)
(89 real changes made)
(62 real changes made)
(0 real changes made)
(3,441 missing values generated)
(278 real changes made)
(277 real changes made)
(271 real changes made)
(265 real changes made)
(256 real changes made)
(245 real changes made)
(234 real changes made)
(213 real changes made)
(203 real changes made)
(192 real changes made)
(178 real changes made)
(166 real changes made)
(150 real changes made)
(135 real changes made)
(121 real changes made)
(106 real changes made)
(89 real changes made)
(62 real changes made)
(971 real changes made)
(3,441 missing values generated)
(278 real changes made)
(277 real changes made)
(271 real changes made)
(265 real changes made)
(256 real changes made)
(245 real changes made)
(234 real changes made)
(213 real changes made)
(203 real changes made)
(192 real changes made)
(178 real changes made)
(166 real changes made)
(150 real changes made)
(135 real changes made)
(121 real changes made)
(106 real changes made)
(89 real changes made)
(62 real changes made)
(405 real changes made)
(3,441 missing values generated)
(278 real changes made)
(277 real changes made)
(271 real changes made)
(265 real changes made)
(256 real changes made)
(245 real changes made)
(234 real changes made)
(213 real changes made)
(203 real changes made)
(192 real changes made)
(178 real changes made)
(166 real changes made)
(150 real changes made)
(135 real changes made)
(121 real changes made)
(106 real changes made)
(89 real changes made)
(62 real changes made)
(53 real changes made)
(3,441 missing values generated)
(278 real changes made)
(277 real changes made)
(271 real changes made)
(265 real changes made)
(256 real changes made)
(245 real changes made)
(234 real changes made)
(213 real changes made)
(203 real changes made)
(192 real changes made)
(178 real changes made)
(166 real changes made)
(150 real changes made)
(135 real changes made)
(121 real changes made)
(106 real changes made)
(89 real changes made)
(62 real changes made)
(919 real changes made)
(3,441 missing values generated)
(278 real changes made)
(277 real changes made)
(271 real changes made)
(265 real changes made)
(256 real changes made)
(245 real changes made)
(234 real changes made)
(213 real changes made)
(203 real changes made)
(192 real changes made)
(178 real changes made)
(166 real changes made)
(150 real changes made)
(135 real changes made)
(121 real changes made)
(106 real changes made)
(89 real changes made)
(62 real changes made)
(53 real changes made)
(3,441 missing values generated)
(278 real changes made)
(277 real changes made)
(271 real changes made)
(265 real changes made)
(256 real changes made)
(245 real changes made)
(234 real changes made)
(213 real changes made)
(203 real changes made)
(192 real changes made)
(178 real changes made)
(166 real changes made)
(150 real changes made)
(135 real changes made)
(121 real changes made)
(106 real changes made)
(89 real changes made)
(62 real changes made)
(0 real changes made)
(3,441 missing values generated)
(278 real changes made)
(277 real changes made)
(271 real changes made)
(265 real changes made)
(256 real changes made)
(245 real changes made)
(234 real changes made)
(213 real changes made)
(203 real changes made)
(192 real changes made)
(178 real changes made)
(166 real changes made)
(150 real changes made)
(135 real changes made)
(121 real changes made)
(106 real changes made)
(89 real changes made)
(62 real changes made)
(971 real changes made)
(3,441 missing values generated)
(278 real changes made)
(277 real changes made)
(271 real changes made)
(265 real changes made)
(256 real changes made)
(245 real changes made)
(234 real changes made)
(213 real changes made)
(203 real changes made)
(192 real changes made)
(178 real changes made)
(166 real changes made)
(150 real changes made)
(135 real changes made)
(121 real changes made)
(106 real changes made)
(89 real changes made)
(62 real changes made)
(657 real changes made)
(3,441 missing values generated)
(278 real changes made)
(277 real changes made)
(271 real changes made)
(265 real changes made)
(256 real changes made)
(245 real changes made)
(234 real changes made)
(213 real changes made)
(203 real changes made)
(192 real changes made)
(178 real changes made)
(166 real changes made)
(150 real changes made)
(135 real changes made)
(121 real changes made)
(106 real changes made)
(89 real changes made)
(62 real changes made)
(0 real changes made)
(3,441 missing values generated)
(278 real changes made)
(277 real changes made)
(271 real changes made)
(265 real changes made)
(256 real changes made)
(245 real changes made)
(234 real changes made)
(213 real changes made)
(203 real changes made)
(192 real changes made)
(178 real changes made)
(166 real changes made)
(150 real changes made)
(135 real changes made)
(121 real changes made)
(106 real changes made)
(89 real changes made)
(62 real changes made)
(0 real changes made)
(3,441 missing values generated)
(278 real changes made)
(277 real changes made)
(271 real changes made)
(265 real changes made)
(256 real changes made)
(245 real changes made)
(234 real changes made)
(213 real changes made)
(203 real changes made)
(192 real changes made)
(178 real changes made)
(166 real changes made)
(150 real changes made)
(135 real changes made)
(121 real changes made)
(106 real changes made)
(89 real changes made)
(62 real changes made)
(1,086 missing values generated)
(2,645 missing values generated)
(1,006 missing values generated)
(185 missing values generated)
(341 missing values generated)
(302 missing values generated)

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
  krdv_total |      2,633    .0980725    .4631801   2.95e-07   12.08434
    krdv_fin |      1,074     2.27159    6.212918   .0002125   82.19795
 krdv_nonfin |      2,713    .1001012    .5606143          0   18.42578
   krd_total |      3,534    .0646207    .4346767   1.14e-07   12.08434
     krd_fin |      3,378    9.365703    50.90148   .0001769   1353.725
-------------+---------------------------------------------------------
  krd_nonfin |      3,417    .0810586    .7020085          0   21.67739
(634 missing values generated)

Panel variable: permco (unbalanced)
 Time variable: app_year, 2000 to 2018, but with gaps
         Delta: 1 unit
(508 missing values generated)
(341 missing values generated)
(341 missing values generated)
(508 missing values generated)
(302 missing values generated)
(132 missing values generated)
(302 missing values generated)

   app_year |      Freq.     Percent        Cum.
------------+-----------------------------------
       2000 |         93        2.50        2.50
       2001 |        126        3.39        5.89
       2002 |        147        3.95        9.84
       2003 |        166        4.46       14.30
       2004 |        179        4.81       19.12
       2005 |        195        5.24       24.36
       2006 |        204        5.49       29.85
       2007 |        208        5.59       35.44
       2008 |        211        5.67       41.11
       2009 |        219        5.89       47.00
       2010 |        219        5.89       52.89
       2011 |        225        6.05       58.94
       2012 |        226        6.08       65.02
       2013 |        231        6.21       71.23
       2014 |        224        6.02       77.25
       2015 |        225        6.05       83.30
       2016 |        217        5.83       89.14
       2017 |        206        5.54       94.68
       2018 |        198        5.32      100.00
------------+-----------------------------------
      Total |      3,719      100.00
(2,645 real changes made)
(1,006 real changes made)
(125 observations deleted)
(785 observations deleted)

Iteration 0:  residual SS =  2522.338
Iteration 1:  residual SS =   1609.63
Iteration 2:  residual SS =  1507.996
Iteration 3:  residual SS =  1490.942
Iteration 4:  residual SS =  1490.565
Iteration 5:  residual SS =  1490.562
Iteration 6:  residual SS =  1490.562
Iteration 7:  residual SS =  1490.562
Iteration 8:  residual SS =  1490.562
Iteration 9:  residual SS =  1490.562
Iteration 10:  residual SS =  1490.562


Nonlinear regression                                Number of obs =      2,808
                                                    R-squared     =     0.2478
                                                    Adj R-squared =     0.2408
                                                    Root MSE      =    .732107
                                                    Res. dev.     =   6190.399

------------------------------------------------------------------------------
             |               Robust
        logq | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
         /b0 |   .8365887   .1093166     7.65   0.000     .6222387    1.050939
         /b1 |   3.792329   .6831926     5.55   0.000     2.452713    5.131945
         /b2 |   .4375064     .06228     7.02   0.000     .3153867    .5596262
         /b3 |  -.0205163   .0051302    -4.00   0.000    -.0305757    -.010457
         /b4 |   .0127619   .0065914     1.94   0.053    -.0001628    .0256865
         /b5 |   .0237089   .0084772     2.80   0.005     .0070867     .040331
         /b6 |   .1103325   .0226716     4.87   0.000     .0658777    .1547873
         /b7 |   .0322844          .        .       .            .           .
         /b8 |  -.0926254    .126149    -0.73   0.463    -.3399806    .1547297
         /b9 |  -.3849655   .1228296    -3.13   0.002    -.6258118   -.1441191
        /b10 |  -.0207521   .1178832    -0.18   0.860    -.2518995    .2103953
        /b11 |  -.0533652   .1168835    -0.46   0.648    -.2825523     .175822
        /b12 |  -.0381756   .1184668    -0.32   0.747    -.2704673    .1941161
        /b13 |   .0159016   .1168996     0.14   0.892    -.2133172    .2451203
        /b14 |  -.0876637   .1198763    -0.73   0.465    -.3227193    .1473918
        /b15 |  -.6245229   .1226793    -5.09   0.000    -.8650745   -.3839712
        /b16 |  -.2983777   .1192801    -2.50   0.012    -.5322641   -.0644913
        /b17 |  -.2104368   .1196662    -1.76   0.079    -.4450803    .0242068
        /b18 |  -.3482862   .1235177    -2.82   0.005    -.5904819   -.1060905
        /b19 |   -.300931   .1239712    -2.43   0.015    -.5440159    -.057846
        /b20 |  -.0958314   .1229373    -0.78   0.436    -.3368891    .1452262
        /b21 |  -.0734542    .121799    -0.60   0.547    -.3122798    .1653713
        /b22 |  -.0934992   .1251629    -0.75   0.455    -.3389208    .1519224
        /b23 |   .0251743   .1237903     0.20   0.839    -.2175558    .2679044
        /b24 |   .1509675   .1288676     1.17   0.242    -.1017183    .4036533
        /b25 |   .0895766    .135242     0.66   0.508    -.1756082    .3547615
        /b26 |  -.1567146   .0304275    -5.15   0.000    -.2163774   -.0970518
        /b27 |   -.197815   .0639509    -3.09   0.002    -.3232111   -.0724189
------------------------------------------------------------------------------
Note: Parameter b0 is used as a constant term during estimation.

   Stats |  semie_..  semie_..  semie_..  semie_..  semie_..  semie_..  semie_..  semie_..
---------+--------------------------------------------------------------------------------
    Mean |  .0437823  .3765604  .1267311  8.422447  .0607969  .5228986   .175981  11.69556
------------------------------------------------------------------------------------------

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
    mcit_fin |      2,809    1.751839    3.330041          0    64.8849
 mcit_nonfin |      2,809    1.462882    2.071295          0   36.97934
  krdv_total |      2,461    .0930385    .4692105   2.95e-07   12.08434
    krdv_fin |      1,031    2.273981    6.165176   .0002125   82.19795
 krdv_nonfin |      2,549    .0975511    .5710801          0   18.42578
-------------+---------------------------------------------------------
   krd_total |      2,809    .0607932    .4564456   1.21e-07   12.08434
     krd_fin |      2,809    10.32531    55.56949   .0001769   1353.725
  krd_nonfin |      2,809    .0860486     .768934          0   21.67739

Summary statistics: mean p50 min max sd
     for variables: mv a q sfin_rd snonfin_rd sfin_count snonfin_count sfin_sumadjcit snonfin_sumadjcit rda_fin rda_nonf
> in prd_fin prd_nonfin mcit_fin mcit_nonfin krdv_fin krdv_nonfin fin_drd nonfin_drd

             |   e(mean)     e(p50)     e(min)     e(max)      e(sd) 
-------------+-------------------------------------------------------
          mv |  36404.22   8598.238   2.972045    1073391   78477.64 
           a |  13922.05       2775       .791     241948   29210.92 
           q |  5.285307   2.582649   .1817725   2027.992   41.72054 
     sfin_rd |  32.05912   4.997771   .0288697   1045.759   83.95629 
  snonfin_rd |  4577.106   813.7665      .2312   78639.42   8792.218 
  sfin_count |  9.382765   1.621656   .0536464   240.0446    24.2413 
snonfin_co~t |   1677.26   299.9113   .3189712   39774.17   3578.092 
sfin_sumad~t |  15.83694   1.729989          0   625.0286   47.79088 
snonfin_su~t |  1649.968   327.3687          0   34640.07   3361.686 
     rda_fin |  .0324064   .0021945   1.10e-06   5.587873   .1816602 
  rda_nonfin |  1.112904   .3679405   .0003738   717.8054   13.99423 
     prd_fin |  1.003287   .4012841   .0017207   113.3646   4.511314 
  prd_nonfin |  .8717059   .3198104   .0017325   107.5394    4.01432 
    mcit_fin |  1.751839   .9352908          0    64.8849   3.330041 
 mcit_nonfin |  1.462882   1.008684          0   36.97934   2.071295 
    krdv_fin |  2.273981   .5995158   .0002125   82.19795   6.165176 
 krdv_nonfin |  .0975511   .0178896          0   18.42578   .5710801 
     fin_drd |  .6329655          1          0          1   .4820819 
  nonfin_drd |  .0925596          0          0          1   .2898659 
(file TabA23_fullsumstat.tex not found)
(output written to TabA23_fullsumstat.tex)

Summary statistics: mean
     for variables: krdv_fin semie_mcit_finavg1 semie_mcit_finmed1 semie_qrd2_finavg1 semie_qrd2_finmed1

             |   e(mean) 
-------------+-----------
    krdv_fin |  2.273981 
se~t_finavg1 |  .0437823 
se~t_finmed1 |  .0607969 
se~2_finavg1 |  .3765604 
se~2_finmed1 |  .5228986 

added scalar:
      e(min_n_fin_pat) =  1

Summary statistics: mean
     for variables: krdv_nonfin semie_mcit_nonfinavg1 semie_mcit_nonfinmed1 semie_qrd2_nonfinavg1 semie_qrd2_nonfinmed1

             |   e(mean) 
-------------+-----------
 krdv_nonfin |  .0975511 
semie_mcit.. |  .1267311 
semie_mcit.. |   .175981 
semie_qrd2.. |  8.422447 
semie_qrd2.. |  11.69556 

added scalar:
      e(min_n_fin_pat) =  1
(285,919 observations deleted)

        fin |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |    912,142       99.45       99.45
          1 |      5,084        0.55      100.00
------------+-----------------------------------
      Total |    917,226      100.00
(82 missing values generated)
(5,166 missing values generated)
(82 missing values generated)
(82 missing values generated)
(59,750 missing values generated)
(59,795 missing values generated)
(60,201 missing values generated)
(60,201 missing values generated)

Duplicates in terms of all variables

(914,357 observations deleted)
(j = 0 1)

Data                               Long   ->   Wide
-----------------------------------------------------------------------------
Number of observations            2,869   ->   1,950       
Number of variables                  19   ->   22          
j variable (2 values)               fin   ->   (dropped)
xij variables:
                                madjcit   ->   madjcit0 madjcit1
                              sumadjcit   ->   sumadjcit0 sumadjcit1
                                 mkogan   ->   mkogan0 mkogan1
                               sumkogan   ->   sumkogan0 sumkogan1
-----------------------------------------------------------------------------
(53 observations deleted)
(33 observations deleted)
(24 observations deleted)
(15 observations deleted)
(14 observations deleted)
(9 observations deleted)
(7 observations deleted)
(5 observations deleted)
(4 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(849 real changes made)
(1,678 missing values generated)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(107 real changes made)
(106 real changes made)
(106 real changes made)
(103 real changes made)
(103 real changes made)
(100 real changes made)
(97 real changes made)
(92 real changes made)
(88 real changes made)
(82 real changes made)
(80 real changes made)
(71 real changes made)
(64 real changes made)
(47 real changes made)
(849 real changes made)
(1,678 missing values generated)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(107 real changes made)
(106 real changes made)
(106 real changes made)
(103 real changes made)
(103 real changes made)
(100 real changes made)
(97 real changes made)
(92 real changes made)
(88 real changes made)
(82 real changes made)
(80 real changes made)
(71 real changes made)
(64 real changes made)
(47 real changes made)
(849 real changes made)
(1,678 missing values generated)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(107 real changes made)
(106 real changes made)
(106 real changes made)
(103 real changes made)
(103 real changes made)
(100 real changes made)
(97 real changes made)
(92 real changes made)
(88 real changes made)
(82 real changes made)
(80 real changes made)
(71 real changes made)
(64 real changes made)
(47 real changes made)
(849 real changes made)
(1,678 missing values generated)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(107 real changes made)
(106 real changes made)
(106 real changes made)
(103 real changes made)
(103 real changes made)
(100 real changes made)
(97 real changes made)
(92 real changes made)
(88 real changes made)
(82 real changes made)
(80 real changes made)
(71 real changes made)
(64 real changes made)
(47 real changes made)
(0 real changes made)
(1,678 missing values generated)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(107 real changes made)
(106 real changes made)
(106 real changes made)
(103 real changes made)
(103 real changes made)
(100 real changes made)
(97 real changes made)
(92 real changes made)
(88 real changes made)
(82 real changes made)
(80 real changes made)
(71 real changes made)
(64 real changes made)
(47 real changes made)
(349 real changes made)
(1,678 missing values generated)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(107 real changes made)
(106 real changes made)
(106 real changes made)
(103 real changes made)
(103 real changes made)
(100 real changes made)
(97 real changes made)
(92 real changes made)
(88 real changes made)
(82 real changes made)
(80 real changes made)
(71 real changes made)
(64 real changes made)
(47 real changes made)
(80 real changes made)
(1,678 missing values generated)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(107 real changes made)
(106 real changes made)
(106 real changes made)
(103 real changes made)
(103 real changes made)
(100 real changes made)
(97 real changes made)
(92 real changes made)
(88 real changes made)
(82 real changes made)
(80 real changes made)
(71 real changes made)
(64 real changes made)
(47 real changes made)
(18 real changes made)
(1,678 missing values generated)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(107 real changes made)
(106 real changes made)
(106 real changes made)
(103 real changes made)
(103 real changes made)
(100 real changes made)
(97 real changes made)
(92 real changes made)
(88 real changes made)
(82 real changes made)
(80 real changes made)
(71 real changes made)
(64 real changes made)
(47 real changes made)
(264 real changes made)
(1,678 missing values generated)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(107 real changes made)
(106 real changes made)
(106 real changes made)
(103 real changes made)
(103 real changes made)
(100 real changes made)
(97 real changes made)
(92 real changes made)
(88 real changes made)
(82 real changes made)
(80 real changes made)
(71 real changes made)
(64 real changes made)
(47 real changes made)
(18 real changes made)
(1,678 missing values generated)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(107 real changes made)
(106 real changes made)
(106 real changes made)
(103 real changes made)
(103 real changes made)
(100 real changes made)
(97 real changes made)
(92 real changes made)
(88 real changes made)
(82 real changes made)
(80 real changes made)
(71 real changes made)
(64 real changes made)
(47 real changes made)
(0 real changes made)
(1,678 missing values generated)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(107 real changes made)
(106 real changes made)
(106 real changes made)
(103 real changes made)
(103 real changes made)
(100 real changes made)
(97 real changes made)
(92 real changes made)
(88 real changes made)
(82 real changes made)
(80 real changes made)
(71 real changes made)
(64 real changes made)
(47 real changes made)
(349 real changes made)
(1,678 missing values generated)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(107 real changes made)
(106 real changes made)
(106 real changes made)
(103 real changes made)
(103 real changes made)
(100 real changes made)
(97 real changes made)
(92 real changes made)
(88 real changes made)
(82 real changes made)
(80 real changes made)
(71 real changes made)
(64 real changes made)
(47 real changes made)
(291 real changes made)
(1,678 missing values generated)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(107 real changes made)
(106 real changes made)
(106 real changes made)
(103 real changes made)
(103 real changes made)
(100 real changes made)
(97 real changes made)
(92 real changes made)
(88 real changes made)
(82 real changes made)
(80 real changes made)
(71 real changes made)
(64 real changes made)
(47 real changes made)
(0 real changes made)
(1,678 missing values generated)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(107 real changes made)
(106 real changes made)
(106 real changes made)
(103 real changes made)
(103 real changes made)
(100 real changes made)
(97 real changes made)
(92 real changes made)
(88 real changes made)
(82 real changes made)
(80 real changes made)
(71 real changes made)
(64 real changes made)
(47 real changes made)
(0 real changes made)
(1,678 missing values generated)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(108 real changes made)
(107 real changes made)
(106 real changes made)
(106 real changes made)
(103 real changes made)
(103 real changes made)
(100 real changes made)
(97 real changes made)
(92 real changes made)
(88 real changes made)
(82 real changes made)
(80 real changes made)
(71 real changes made)
(64 real changes made)
(47 real changes made)
(387 missing values generated)
(939 missing values generated)
(359 missing values generated)
(102 missing values generated)
(125 missing values generated)
(118 missing values generated)

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
  krdv_total |      1,399    .0652864    .1750398   2.95e-07   2.343542
    krdv_fin |        847    1.891792    5.045444   .0002125   82.19795
 krdv_nonfin |      1,427    .0707714    .2073261          0   3.231333
   krd_total |      1,684    .0288571    .1060156   1.14e-07   2.343542
     krd_fin |      1,661    2.029657    8.237267   .0001769   113.7688
-------------+---------------------------------------------------------
  krd_nonfin |      1,668     .033264    .1171539          0   2.419212
(287 missing values generated)

Panel variable: permco (unbalanced)
 Time variable: app_year, 2000 to 2018, but with gaps
         Delta: 1 unit
(222 missing values generated)
(125 missing values generated)
(125 missing values generated)
(222 missing values generated)
(118 missing values generated)
(17 missing values generated)
(118 missing values generated)

   app_year |      Freq.     Percent        Cum.
------------+-----------------------------------
       2000 |         54        3.02        3.02
       2001 |         72        4.03        7.05
       2002 |         78        4.37       11.42
       2003 |         88        4.93       16.35
       2004 |         89        4.98       21.33
       2005 |         94        5.26       26.60
       2006 |         96        5.38       31.97
       2007 |         98        5.49       37.46
       2008 |        100        5.60       43.06
       2009 |        101        5.66       48.71
       2010 |        101        5.66       54.37
       2011 |        105        5.88       60.25
       2012 |        103        5.77       66.01
       2013 |        105        5.88       71.89
       2014 |        104        5.82       77.72
       2015 |        104        5.82       83.54
       2016 |        101        5.66       89.19
       2017 |         98        5.49       94.68
       2018 |         95        5.32      100.00
------------+-----------------------------------
      Total |      1,786      100.00
(939 real changes made)
(359 real changes made)
(65 observations deleted)
(281 observations deleted)

Iteration 0:  residual SS =  1328.468
Iteration 1:  residual SS =  819.4349
Iteration 2:  residual SS =  740.8576
Iteration 3:  residual SS =  714.4212
Iteration 4:  residual SS =  711.4178
Iteration 5:  residual SS =  711.3788
Iteration 6:  residual SS =  711.3784
Iteration 7:  residual SS =  711.3784
Iteration 8:  residual SS =  711.3784
Iteration 9:  residual SS =  711.3784
Iteration 10:  residual SS =  711.3784


Nonlinear regression                                Number of obs =      1,440
                                                    R-squared     =     0.3224
                                                    Adj R-squared =     0.3099
                                                    Root MSE      =   .7095439
                                                    Res. dev.     =   3071.064

------------------------------------------------------------------------------
             |               Robust
        logq | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
         /b0 |  -1420.113   .1404366 -1.0e+04   0.000    -1420.388   -1419.837
         /b1 |   7.805713   1.536699     5.08   0.000     4.791257    10.82017
         /b2 |   .6712095   .1304489     5.15   0.000     .4153152    .9271038
         /b3 |  -.0230657   .0100154    -2.30   0.021    -.0427124    -.003419
         /b4 |   .0086623   .0121426     0.71   0.476    -.0151572    .0324818
         /b5 |   .0453026   .0148602     3.05   0.002     .0161523     .074453
         /b6 |   .4878133   .0830131     5.88   0.000     .3249711    .6506555
         /b7 |   1420.777   .1852201  7670.75   0.000     1420.413     1421.14
         /b8 |   1420.528   .1495833  9496.57   0.000     1420.234    1420.821
         /b9 |   1420.174   .1444922  9828.72   0.000     1419.891    1420.457
        /b10 |   1420.503   .1351341 10511.81   0.000     1420.238    1420.768
        /b11 |   1420.495   .1360396 10441.78   0.000     1420.229    1420.762
        /b12 |   1420.476   .1367107 10390.38   0.000     1420.208    1420.744
        /b13 |   1420.539   .1348261 10536.09   0.000     1420.275    1420.804
        /b14 |   1420.458   .1396796 10169.40   0.000     1420.184    1420.732
        /b15 |    1420.03   .1444411  9831.20   0.000     1419.746    1420.313
        /b16 |   1420.268    .134729 10541.66   0.000     1420.003    1420.532
        /b17 |   1420.297   .1340157 10597.99   0.000     1420.034     1420.56
        /b18 |   1420.124   .1419733 10002.76   0.000     1419.846    1420.403
        /b19 |   1420.239   .1413829 10045.34   0.000     1419.962    1420.516
        /b20 |   1420.413   .1390752 10213.27   0.000      1420.14    1420.685
        /b21 |   1420.458   .1350899 10514.90   0.000     1420.193    1420.723
        /b22 |   1420.455   .1405698 10104.98   0.000     1420.179    1420.731
        /b23 |   1420.548   .1385979 10249.42   0.000     1420.276    1420.819
        /b24 |   1420.729   .1593474  8915.92   0.000     1420.417    1421.042
        /b25 |    1420.66          .        .       .            .           .
        /b26 |  -.1908314   .0410021    -4.65   0.000    -.2712629   -.1103998
        /b27 |  -.1848253   .1110131    -1.66   0.096    -.4025936    .0329429
------------------------------------------------------------------------------
Note: Parameter b0 is used as a constant term during estimation.

   Stats |  semie_..  semie_..  semie_..  semie_..  semie_..  semie_..  semie_..  semie_..
---------+--------------------------------------------------------------------------------
    Mean |  .0603816  .2072041  .1942532  13.58201   .096108  .3298021  .3091885  21.61819
------------------------------------------------------------------------------------------

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
    mcit_fin |      1,440    1.898018     3.89822          0   68.78394
 mcit_nonfin |      1,440    1.338176    1.164662          0   13.46427
  krdv_total |      1,327    .0583773    .1537507   2.95e-07   1.670032
    krdv_fin |        826    1.839503    4.838447   .0002125   82.19795
 krdv_nonfin |      1,359    .0640526     .186361          0   3.231333
-------------+---------------------------------------------------------
   krd_total |      1,440    .0264898    .0864598   1.21e-07    1.42339
     krd_fin |      1,440    1.691291    7.106807   .0001769   113.7688
  krd_nonfin |      1,440    .0313027    .0963567          0    1.64361

Summary statistics: mean
     for variables: krdv_fin semie_mcit_finavg5 semie_mcit_finmed5 semie_qrd2_finavg5 semie_qrd2_finmed5

             |   e(mean) 
-------------+-----------
    krdv_fin |  1.839503 
se~t_finavg5 |  .0603816 
se~t_finmed5 |   .096108 
se~2_finavg5 |  .2072041 
se~2_finmed5 |  .3298021 

added scalar:
      e(min_n_fin_pat) =  5

Summary statistics: mean
     for variables: krdv_nonfin semie_mcit_nonfinavg5 semie_mcit_nonfinmed5 semie_qrd2_nonfinavg5 semie_qrd2_nonfinmed5

             |   e(mean) 
-------------+-----------
 krdv_nonfin |  .0640526 
semie_mcit.. |  .1942532 
semie_mcit.. |  .3091885 
semie_qrd2.. |  13.58201 
semie_qrd2.. |  21.61819 

added scalar:
      e(min_n_fin_pat) =  5
(384,576 observations deleted)

        fin |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |    813,718       99.41       99.41
          1 |      4,851        0.59      100.00
------------+-----------------------------------
      Total |    818,569      100.00
(22 missing values generated)
(4,873 missing values generated)
(22 missing values generated)
(22 missing values generated)
(39,078 missing values generated)
(39,090 missing values generated)
(38,113 missing values generated)
(38,113 missing values generated)

Duplicates in terms of all variables

(816,498 observations deleted)
(j = 0 1)

Data                               Long   ->   Wide
-----------------------------------------------------------------------------
Number of observations            2,071   ->   1,294       
Number of variables                  19   ->   22          
j variable (2 values)               fin   ->   (dropped)
xij variables:
                                madjcit   ->   madjcit0 madjcit1
                              sumadjcit   ->   sumadjcit0 sumadjcit1
                                 mkogan   ->   mkogan0 mkogan1
                               sumkogan   ->   sumkogan0 sumkogan1
-----------------------------------------------------------------------------
(28 observations deleted)
(14 observations deleted)
(11 observations deleted)
(6 observations deleted)
(6 observations deleted)
(3 observations deleted)
(2 observations deleted)
(1 observation deleted)
(1 observation deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(442 real changes made)
(1,151 missing values generated)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(68 real changes made)
(68 real changes made)
(67 real changes made)
(66 real changes made)
(64 real changes made)
(63 real changes made)
(59 real changes made)
(58 real changes made)
(53 real changes made)
(51 real changes made)
(37 real changes made)
(442 real changes made)
(1,151 missing values generated)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(68 real changes made)
(68 real changes made)
(67 real changes made)
(66 real changes made)
(64 real changes made)
(63 real changes made)
(59 real changes made)
(58 real changes made)
(53 real changes made)
(51 real changes made)
(37 real changes made)
(442 real changes made)
(1,151 missing values generated)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(68 real changes made)
(68 real changes made)
(67 real changes made)
(66 real changes made)
(64 real changes made)
(63 real changes made)
(59 real changes made)
(58 real changes made)
(53 real changes made)
(51 real changes made)
(37 real changes made)
(442 real changes made)
(1,151 missing values generated)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(68 real changes made)
(68 real changes made)
(67 real changes made)
(66 real changes made)
(64 real changes made)
(63 real changes made)
(59 real changes made)
(58 real changes made)
(53 real changes made)
(51 real changes made)
(37 real changes made)
(0 real changes made)
(1,151 missing values generated)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(68 real changes made)
(68 real changes made)
(67 real changes made)
(66 real changes made)
(64 real changes made)
(63 real changes made)
(59 real changes made)
(58 real changes made)
(53 real changes made)
(51 real changes made)
(37 real changes made)
(178 real changes made)
(1,151 missing values generated)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(68 real changes made)
(68 real changes made)
(67 real changes made)
(66 real changes made)
(64 real changes made)
(63 real changes made)
(59 real changes made)
(58 real changes made)
(53 real changes made)
(51 real changes made)
(37 real changes made)
(20 real changes made)
(1,151 missing values generated)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(68 real changes made)
(68 real changes made)
(67 real changes made)
(66 real changes made)
(64 real changes made)
(63 real changes made)
(59 real changes made)
(58 real changes made)
(53 real changes made)
(51 real changes made)
(37 real changes made)
(3 real changes made)
(1,151 missing values generated)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(68 real changes made)
(68 real changes made)
(67 real changes made)
(66 real changes made)
(64 real changes made)
(63 real changes made)
(59 real changes made)
(58 real changes made)
(53 real changes made)
(51 real changes made)
(37 real changes made)
(101 real changes made)
(1,151 missing values generated)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(68 real changes made)
(68 real changes made)
(67 real changes made)
(66 real changes made)
(64 real changes made)
(63 real changes made)
(59 real changes made)
(58 real changes made)
(53 real changes made)
(51 real changes made)
(37 real changes made)
(3 real changes made)
(1,151 missing values generated)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(68 real changes made)
(68 real changes made)
(67 real changes made)
(66 real changes made)
(64 real changes made)
(63 real changes made)
(59 real changes made)
(58 real changes made)
(53 real changes made)
(51 real changes made)
(37 real changes made)
(0 real changes made)
(1,151 missing values generated)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(68 real changes made)
(68 real changes made)
(67 real changes made)
(66 real changes made)
(64 real changes made)
(63 real changes made)
(59 real changes made)
(58 real changes made)
(53 real changes made)
(51 real changes made)
(37 real changes made)
(178 real changes made)
(1,151 missing values generated)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(68 real changes made)
(68 real changes made)
(67 real changes made)
(66 real changes made)
(64 real changes made)
(63 real changes made)
(59 real changes made)
(58 real changes made)
(53 real changes made)
(51 real changes made)
(37 real changes made)
(162 real changes made)
(1,151 missing values generated)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(68 real changes made)
(68 real changes made)
(67 real changes made)
(66 real changes made)
(64 real changes made)
(63 real changes made)
(59 real changes made)
(58 real changes made)
(53 real changes made)
(51 real changes made)
(37 real changes made)
(0 real changes made)
(1,151 missing values generated)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(68 real changes made)
(68 real changes made)
(67 real changes made)
(66 real changes made)
(64 real changes made)
(63 real changes made)
(59 real changes made)
(58 real changes made)
(53 real changes made)
(51 real changes made)
(37 real changes made)
(0 real changes made)
(1,151 missing values generated)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(71 real changes made)
(68 real changes made)
(68 real changes made)
(67 real changes made)
(66 real changes made)
(64 real changes made)
(63 real changes made)
(59 real changes made)
(58 real changes made)
(53 real changes made)
(51 real changes made)
(37 real changes made)
(196 missing values generated)
(505 missing values generated)
(180 missing values generated)
(61 missing values generated)
(66 missing values generated)
(63 missing values generated)

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
  krdv_total |      1,026    .0539286    .1407489   3.03e-06   1.437074
    krdv_fin |        717    1.909914    5.117089   .0012688   82.19795
 krdv_nonfin |      1,042    .0632416    .1903215          0   3.231333
   krd_total |      1,161    .0273898    .0929636   7.23e-07    1.42339
     krd_fin |      1,156    1.997309    8.788395   .0007155   113.7688
-------------+---------------------------------------------------------
  krd_nonfin |      1,159     .030811    .1016617   7.23e-07    1.64361
(139 missing values generated)

Panel variable: permco (unbalanced)
 Time variable: app_year, 2000 to 2018, but with gaps
         Delta: 1 unit
(118 missing values generated)
(66 missing values generated)
(66 missing values generated)
(118 missing values generated)
(63 missing values generated)
(63 missing values generated)

   app_year |      Freq.     Percent        Cum.
------------+-----------------------------------
       2000 |         42        3.44        3.44
       2001 |         55        4.50        7.94
       2002 |         57        4.66       12.60
       2003 |         62        5.07       17.68
       2004 |         62        5.07       22.75
       2005 |         66        5.40       28.15
       2006 |         67        5.48       33.63
       2007 |         66        5.40       39.03
       2008 |         67        5.48       44.52
       2009 |         67        5.48       50.00
       2010 |         67        5.48       55.48
       2011 |         69        5.65       61.13
       2012 |         69        5.65       66.78
       2013 |         69        5.65       72.42
       2014 |         69        5.65       78.07
       2015 |         69        5.65       83.72
       2016 |         68        5.56       89.28
       2017 |         66        5.40       94.68
       2018 |         65        5.32      100.00
------------+-----------------------------------
      Total |      1,222      100.00
(505 real changes made)
(180 real changes made)
(21 observations deleted)
(132 observations deleted)

Iteration 0:  residual SS =  960.6976
Iteration 1:  residual SS =  548.0897
Iteration 2:  residual SS =  521.0657
Iteration 3:  residual SS =  516.7953
Iteration 4:  residual SS =  516.5564
Iteration 5:  residual SS =  516.5441
Iteration 6:  residual SS =  516.5435
Iteration 7:  residual SS =  516.5435
Iteration 8:  residual SS =  516.5435
Iteration 9:  residual SS =  516.5435
Iteration 10:  residual SS =  516.5435
Iteration 11:  residual SS =  516.5435


Nonlinear regression                                Number of obs =      1,069
                                                    R-squared     =     0.3169
                                                    Adj R-squared =     0.2999
                                                    Root MSE      =   .7040761
                                                    Res. dev.     =   2256.186

------------------------------------------------------------------------------
             |               Robust
        logq | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
         /b0 |  -1143.514   .1584963 -7214.77   0.000    -1143.825   -1143.203
         /b1 |   6.314657   1.538958     4.10   0.000     3.294846    9.334467
         /b2 |   .7355796   .1498849     4.91   0.000     .4414689     1.02969
         /b3 |  -.0242202    .009572    -2.53   0.012    -.0430027   -.0054377
         /b4 |   .0135845   .0119276     1.14   0.255    -.0098203    .0369893
         /b5 |   .0266768   .0082646     3.23   0.001     .0104597     .042894
         /b6 |   .4282403   .0895962     4.78   0.000     .2524307    .6040499
         /b7 |   1144.327          .        .       .            .           .
         /b8 |   1144.098   .1752281  6529.19   0.000     1143.754    1144.442
         /b9 |   1143.731   .1754884  6517.42   0.000     1143.387    1144.076
        /b10 |   1144.018   .1667667  6859.99   0.000     1143.691    1144.345
        /b11 |   1143.968   .1706408  6703.96   0.000     1143.634    1144.303
        /b12 |   1143.947   .1690538  6766.76   0.000     1143.615    1144.279
        /b13 |   1143.993   .1656449  6906.30   0.000     1143.668    1144.318
        /b14 |   1143.938   .1741438  6568.93   0.000     1143.596    1144.279
        /b15 |   1143.512   .1754496  6517.61   0.000     1143.168    1143.856
        /b16 |   1143.705   .1670001  6848.53   0.000     1143.377    1144.032
        /b17 |   1143.766   .1663257  6876.66   0.000     1143.439    1144.092
        /b18 |   1143.572   .1717838  6657.04   0.000     1143.235    1143.909
        /b19 |   1143.665   .1707164  6699.21   0.000      1143.33        1144
        /b20 |   1143.823   .1686163  6783.59   0.000     1143.493    1144.154
        /b21 |    1143.96   .1702769  6718.23   0.000     1143.626    1144.294
        /b22 |   1143.895    .176789  6470.39   0.000     1143.548    1144.241
        /b23 |   1143.971   .1762833  6489.39   0.000     1143.625    1144.317
        /b24 |   1144.107   .1819193  6289.09   0.000      1143.75    1144.463
        /b25 |   1144.065   .1990421  5747.85   0.000     1143.674    1144.455
        /b26 |  -.2165653   .0519146    -4.17   0.000    -.3184343   -.1146963
        /b27 |  -.2805823   .1083869    -2.59   0.010    -.4932638   -.0679008
------------------------------------------------------------------------------
Note: Parameter b0 is used as a constant term during estimation.

   Stats |  semie_..  semie_..  semie_..  semie_..  semie_..  semie_..  semie_..  semie_..
---------+--------------------------------------------------------------------------------
    Mean |  .0446892  .1388806  .2071001  11.54516   .061337  .1906171    .28425  15.84602
------------------------------------------------------------------------------------------

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
    mcit_fin |      1,069    1.854191    4.127246          0   67.26569
 mcit_nonfin |      1,069    1.393487    1.191475   .1069066   13.30543
  krdv_total |      1,002     .052879    .1409976   3.03e-06   1.437074
    krdv_fin |        708    1.893848     5.13617   .0012688   82.19795
 krdv_nonfin |      1,020    .0626309    .1913941          0   3.231333
-------------+---------------------------------------------------------
   krd_total |      1,069    .0269219    .0917126   7.66e-07    1.42339
     krd_fin |      1,069    1.847512    7.993481   .0007155   113.7688
  krd_nonfin |      1,069    .0307229    .1012506   7.66e-07    1.64361

Summary statistics: mean
     for variables: krdv_fin semie_mcit_finavg10 semie_mcit_finmed10 semie_qrd2_finavg10 semie_qrd2_finmed10

             |   e(mean) 
-------------+-----------
    krdv_fin |  1.893848 
s~t_finavg10 |  .0446892 
s~t_finmed10 |   .061337 
s~2_finavg10 |  .1388806 
s~2_finmed10 |  .1906171 

added scalar:
      e(min_n_fin_pat) =  10

Summary statistics: mean
     for variables: krdv_nonfin semie_mcit_nonfinavg10 semie_mcit_nonfinmed10 semie_qrd2_nonfinavg10 semie_qrd2_nonfinme
> d10

             |   e(mean) 
-------------+-----------
 krdv_nonfin |  .0626309 
semie_mcit.. |  .2071001 
semie_mcit.. |    .28425 
semie_qrd2.. |  11.54516 
semie_qrd2.. |  15.84602 

added scalar:
      e(min_n_fin_pat) =  10

. 
. 
. * Table 12 and Table A-26
. esttab private_fin* private_nonfin* using "Tab12_TabA26_privatereturn.tex", replace ///
>                 cells("mean(fmt(3))") ///
>         nostar nonotes nonumber varwidth(10) label ///
>                 stats(min_n_fin_pat, labels("Minimum number of finance patents"))
(file Tab12_TabA26_privatereturn.tex not found)
(output written to Tab12_TabA26_privatereturn.tex)

. 
. 
. 
. * Table A-24
. 
. esttab joint_1 joint_5 joint_10 using "TabA24_privatereturn_regression.tex", replace ///
>         r2 se keep(b1:_cons b2:_cons b3:_cons b4:_cons b5:_cons b6:_cons) ///
>         coeflabels(b1:_cons "R&DFin/A" b2:_cons "R&DNonfin/A" b3:_cons "PATFin/R&DFin" b4:_cons "PATNonfin/R&DNonfin" 
> b5:_cons "CITESFin/PATFin" b6:_cons "CITESNonfin/PATNonfin") ///
>         prefoot(`"Year FEs & Yes & Yes & Yes "' `"D(Fin R&D = 0) & Yes & Yes & Yes "' `"D(Non-fin R&D = 0) & Yes & Yes
>  & Yes "' `"Minimum number of finance patents & 1 & 5 & 10"') 
(file TabA24_privatereturn_regression.tex not found)
(output written to TabA24_privatereturn_regression.tex)

. 
. 
. eststo clear

. 
. 
. 
. 
. 
.         
. * Table A-25
. 
. * Repeat the above process with yearset changed to <2013
. foreach f of numlist 1 5 10{
  2.         use fin_addition, clear
  3.         keep if app_year<=2013
  4. 
.         bysort permco: egen total_fin_count = sum (fin)
  5.         keep if total_fin_count >= `f'
  6. 
.         * patent count
.         gen n=1 if patent_id != .
  7.         bysort permco app_year : egen pat_count = sum(n)
  8.         bysort permco app_year : egen fin_count = sum(fin)
  9.         gen nonfin = 1 if fin == 0 & patent_id != .
 10.         bysort permco app_year : egen nonfin_count = sum(nonfin)
 11.         bysort permco: egen total_nonfin = sum(nonfin)
 12. 
.         * mean cit (adj)
.         bysort app_year: egen total_cit = sum(citation)
 13.         bysort app_year: egen total_count = sum(n)
 14.         gen mcit = total_cit/total_count
 15.         gen adjcit = citation/mcit
 16.         bysort permco app_year fin: egen madjcit = mean(adjcit)
 17.         bysort permco app_year fin: egen sumadjcit = sum(adjcit)
 18. 
.         * mean kogan values
.         bysort permco app_year: egen mkogan_total = mean(xi_real)
 19.         bysort permco app_year: egen sumkogan_total = sum(xi_real)
 20. 
.         bysort permco app_year fin: egen mkogan = mean(xi_real)
 21.         bysort permco app_year fin: egen sumkogan = sum(xi_real)
 22. 
.         * apportion rd expense by fin & nonfin patent counts
.         gen fin_rd = fin_count/pat_count * xrd
 23.         gen nonfin_rd = nonfin_count/pat_count * xrd
 24. 
.         keep permco app_year fin fin_count nonfin_count madjcit sumadjcit mkogan* sumkogan* fin_rd nonfin_rd a q mv xr
> d total_nonfin pat_count
 25.         duplicates drop
 26.         reshape wide madjcit sumadjcit mkogan sumkogan, i(permco app_year) j(fin)
 27.         ren madjcit0 nonfin_madjcit
 28.         ren madjcit1 fin_madjcit
 29.         ren sumadjcit0 nonfin_sumadjcit
 30.         ren sumadjcit1 fin_sumadjcit
 31.         ren mkogan0 nonfin_mkogan
 32.         ren mkogan1 fin_mkogan
 33.         ren sumkogan0 nonfin_sumkogan
 34.         ren sumkogan1 fin_sumkogan
 35. 
. 
.         * start from the year with the first financial patent application
.         sort permco app_year
 36.         bysort permco: gen n = _n
 37. 
.         forvalues x = 1/19{
 38. 
.                 drop if n==1 & fin_count == 0 
 39.                 drop n
 40.                 sort permco app_year
 41.                 bysort permco: gen n = _n
 42. 
.         }
 43. 
.         * calculate patent stock
.         foreach var of varlist fin* nonfin* xrd sumkogan_total pat_count{
 44.                 replace `var' = 0 if `var' == .
 45.                 gen s`var' = `var' if n== 1
 46.                 label variable s`var' "`var' stock"
 47. 
.                 forvalues x = 2/19{
 48.                         * first year: no depreciation
.                         * depreciation rate is 0.15
.                         bysort permco: replace s`var' = s`var'[_n-1] * (1- 0.15) + `var' if n==`x'
 49.                 }
 50.         }
 51. 
.         * kogan/rd
.         gen krdv_total = mkogan_total / xrd
 52.         gen krdv_fin = fin_mkogan / fin_rd
 53.         gen krdv_nonfin = nonfin_mkogan / nonfin_rd
 54. 
.         * kogan stock to rd stock
.         gen krd_total = ssumkogan_total / sxrd / spat_count
 55.         gen krd_fin = sfin_sumkogan / sfin_rd / sfin_count
 56.         gen krd_nonfin = snonfin_sumkogan / snonfin_rd/ snonfin_count
 57. 
.         sum krd* 
 58. 
.         * market-to-book value
.         gen logq = log(q)
 59. 
.         tsset permco app_year
 60. 
.         foreach var in fin nonfin{
 61.                 * rd and a are in millions
.                 gen rda_`var' = s`var'_rd / a
 62.                 gen prd_`var' = s`var'_count / s`var'_rd 
 63.                 gen mcit_`var' = s`var'_sumadjcit / s`var'_count
 64.                 gen crd_`var' = mcit_`var'/ s`var'_rd
 65.         }
 66. 
.         * regressions
.         tab app_year, gen(y_)
 67. 
.         * dummy for zero rd expense
.         gen fin_drd = 0
 68.         replace fin_drd = 1 if fin_rd == 0
 69.         gen nonfin_drd = 0
 70.         replace nonfin_drd = 1 if nonfin_rd == 0
 71. 
. 
.         drop if q<0
 72.         drop if rda_fin ==. | prd_fin ==. | mcit_fin ==. | rda_nonfin ==. |  prd_nonfin ==. |  mcit_nonfin ==. 
 73.         
.         * note that the year FE changed here
.         eststo joint_`f'_2013: nl (logq = {b0} +log(1+{b1}*rda_fin +{b2}*rda_nonfin+ {b3}*prd_fin +{b4}*prd_nonfin+{b5
> }*mcit_fin+{b6}*mcit_nonfin) + {b7}*y_1 + {b8}*y_2  + {b9}*y_3 + {b10}* y_4 + {b11}*y_5 + {b12}*y_6 + {b13}*y_7 + {b14
> }*y_8 + {b15}*y_9+ {b16}*y_10 + {b17}*y_11 + {b18}*y_12  + {b19}*y_13 + {b20}* y_14 + {b26}*fin_drd+{b27}*nonfin_drd) 
> if rda_fin !=. & prd_fin !=. & mcit_fin !=. & rda_nonfin !=. & prd_nonfin !=. & mcit_nonfin !=.,r
 74. 
. 
.         gen double gamma1_fin = _b[/b1]
 75.         gen double gamma2_fin = _b[/b3]
 76.         gen double gamma3_fin = _b[/b5]
 77.         gen double gamma1_nonfin = _b[/b2]
 78.         gen double gamma2_nonfin = _b[/b4]
 79.         gen double gamma3_nonfin = _b[/b6]
 80.         
.         *rda 
.         foreach var in  fin_rd nonfin_rd rda_fin fin_count nonfin_count prd_fin mcit_fin rda_nonfin prd_nonfin mcit_no
> nfin{
 81.                 egen avg`var'`f' = mean(`var')
 82.                 egen med`var'`f' = median(`var')
 83.                 egen sd`var'`f' = sd(`var')
 84.         }
 85. 
.         foreach var in avg med{
 86.         * semi-elasticities of rd/a, patcount/rd, cit/patcount
.         gen est`var' = (1+gamma1_fin*`var'rda_fin`f' + gamma2_fin*`var'prd_fin`f' + gamma3_fin*`var'mcit_fin`f'+gamma1
> _nonfin*`var'rda_nonfin`f' + gamma2_nonfin*`var'prd_nonfin`f' + gamma3_nonfin*`var'mcit_nonfin`f')^(-1)
 87. 
.         }
 88. 
.         foreach v in avg med{
 89.                 foreach var in fin nonfin{
 90.                         gen semie_mcit_`var'`v'`f' = gamma3_`var' * est`v' * sdmcit_`var'`f'                    
 91.                         gen semie_qrd2_`var'`v'`f' = crd_`var' * gamma3_`var' * est`v' * sd`var'_rd
 92.                 }
 93.         }
 94.         
.         * note that only keep avg measure here
.         eststo private_fin_`f'_2013: estpost tabstat krdv_fin semie_mcit_finavg* semie_qrd2_finavg*, c(stat) s(mean)
 95.         estadd scalar min_n_fin_pat = `f'
 96.         
.         eststo private_nonfin_`f'_2013: estpost tabstat krdv_nonfin semie_mcit_nonfinavg* semie_qrd2_nonfinavg*, c(sta
> t) s(mean)
 97.         estadd scalar min_n_fin_pat = `f'
 98. }
(274,621 observations deleted)
(7,303 observations deleted)
(312 missing values generated)
(4,971 missing values generated)
(312 missing values generated)
(312 missing values generated)
(37,638 missing values generated)
(37,728 missing values generated)
(65,529 missing values generated)
(65,529 missing values generated)

Duplicates in terms of all variables

(916,794 observations deleted)
(j = 0 1)

Data                               Long   ->   Wide
-----------------------------------------------------------------------------
Number of observations            4,427   ->   3,438       
Number of variables                  19   ->   22          
j variable (2 values)               fin   ->   (dropped)
xij variables:
                                madjcit   ->   madjcit0 madjcit1
                              sumadjcit   ->   sumadjcit0 sumadjcit1
                                 mkogan   ->   mkogan0 mkogan1
                               sumkogan   ->   sumkogan0 sumkogan1
-----------------------------------------------------------------------------
(174 observations deleted)
(135 observations deleted)
(112 observations deleted)
(90 observations deleted)
(74 observations deleted)
(55 observations deleted)
(44 observations deleted)
(34 observations deleted)
(25 observations deleted)
(18 observations deleted)
(15 observations deleted)
(8 observations deleted)
(5 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(1,610 real changes made)
(2,378 missing values generated)
(264 real changes made)
(257 real changes made)
(241 real changes made)
(234 real changes made)
(218 real changes made)
(205 real changes made)
(190 real changes made)
(174 real changes made)
(160 real changes made)
(143 real changes made)
(120 real changes made)
(101 real changes made)
(71 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(1,610 real changes made)
(2,378 missing values generated)
(264 real changes made)
(257 real changes made)
(241 real changes made)
(234 real changes made)
(218 real changes made)
(205 real changes made)
(190 real changes made)
(174 real changes made)
(160 real changes made)
(143 real changes made)
(120 real changes made)
(101 real changes made)
(71 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(1,610 real changes made)
(2,378 missing values generated)
(264 real changes made)
(257 real changes made)
(241 real changes made)
(234 real changes made)
(218 real changes made)
(205 real changes made)
(190 real changes made)
(174 real changes made)
(160 real changes made)
(143 real changes made)
(120 real changes made)
(101 real changes made)
(71 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(1,610 real changes made)
(2,378 missing values generated)
(264 real changes made)
(257 real changes made)
(241 real changes made)
(234 real changes made)
(218 real changes made)
(205 real changes made)
(190 real changes made)
(174 real changes made)
(160 real changes made)
(143 real changes made)
(120 real changes made)
(101 real changes made)
(71 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(2,378 missing values generated)
(264 real changes made)
(257 real changes made)
(241 real changes made)
(234 real changes made)
(218 real changes made)
(205 real changes made)
(190 real changes made)
(174 real changes made)
(160 real changes made)
(143 real changes made)
(120 real changes made)
(101 real changes made)
(71 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(614 real changes made)
(2,378 missing values generated)
(264 real changes made)
(257 real changes made)
(241 real changes made)
(234 real changes made)
(218 real changes made)
(205 real changes made)
(190 real changes made)
(174 real changes made)
(160 real changes made)
(143 real changes made)
(120 real changes made)
(101 real changes made)
(71 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(260 real changes made)
(2,378 missing values generated)
(264 real changes made)
(257 real changes made)
(241 real changes made)
(234 real changes made)
(218 real changes made)
(205 real changes made)
(190 real changes made)
(174 real changes made)
(160 real changes made)
(143 real changes made)
(120 real changes made)
(101 real changes made)
(71 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(50 real changes made)
(2,378 missing values generated)
(264 real changes made)
(257 real changes made)
(241 real changes made)
(234 real changes made)
(218 real changes made)
(205 real changes made)
(190 real changes made)
(174 real changes made)
(160 real changes made)
(143 real changes made)
(120 real changes made)
(101 real changes made)
(71 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(568 real changes made)
(2,378 missing values generated)
(264 real changes made)
(257 real changes made)
(241 real changes made)
(234 real changes made)
(218 real changes made)
(205 real changes made)
(190 real changes made)
(174 real changes made)
(160 real changes made)
(143 real changes made)
(120 real changes made)
(101 real changes made)
(71 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(50 real changes made)
(2,378 missing values generated)
(264 real changes made)
(257 real changes made)
(241 real changes made)
(234 real changes made)
(218 real changes made)
(205 real changes made)
(190 real changes made)
(174 real changes made)
(160 real changes made)
(143 real changes made)
(120 real changes made)
(101 real changes made)
(71 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(2,378 missing values generated)
(264 real changes made)
(257 real changes made)
(241 real changes made)
(234 real changes made)
(218 real changes made)
(205 real changes made)
(190 real changes made)
(174 real changes made)
(160 real changes made)
(143 real changes made)
(120 real changes made)
(101 real changes made)
(71 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(614 real changes made)
(2,378 missing values generated)
(264 real changes made)
(257 real changes made)
(241 real changes made)
(234 real changes made)
(218 real changes made)
(205 real changes made)
(190 real changes made)
(174 real changes made)
(160 real changes made)
(143 real changes made)
(120 real changes made)
(101 real changes made)
(71 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(430 real changes made)
(2,378 missing values generated)
(264 real changes made)
(257 real changes made)
(241 real changes made)
(234 real changes made)
(218 real changes made)
(205 real changes made)
(190 real changes made)
(174 real changes made)
(160 real changes made)
(143 real changes made)
(120 real changes made)
(101 real changes made)
(71 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(2,378 missing values generated)
(264 real changes made)
(257 real changes made)
(241 real changes made)
(234 real changes made)
(218 real changes made)
(205 real changes made)
(190 real changes made)
(174 real changes made)
(160 real changes made)
(143 real changes made)
(120 real changes made)
(101 real changes made)
(71 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(2,378 missing values generated)
(264 real changes made)
(257 real changes made)
(241 real changes made)
(234 real changes made)
(218 real changes made)
(205 real changes made)
(190 real changes made)
(174 real changes made)
(160 real changes made)
(143 real changes made)
(120 real changes made)
(101 real changes made)
(71 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(698 missing values generated)
(1,725 missing values generated)
(646 missing values generated)
(169 missing values generated)
(282 missing values generated)
(267 missing values generated)

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
  krdv_total |      1,951    .1129493    .5316161   2.95e-07   12.08434
    krdv_fin |        924    2.370891    6.561216   .0002125   82.19795
 krdv_nonfin |      2,003    .1170804    .6476606          0   18.42578
   krd_total |      2,480    .0701999    .4201547   1.14e-07   12.08434
     krd_fin |      2,367    6.538601    28.64737   .0001769   600.6547
-------------+---------------------------------------------------------
  krd_nonfin |      2,382    .0838743    .7149749          0   21.67739
(397 missing values generated)

Panel variable: permco (unbalanced)
 Time variable: app_year, 2000 to 2013, but with gaps
         Delta: 1 unit
(321 missing values generated)
(282 missing values generated)
(282 missing values generated)
(321 missing values generated)
(267 missing values generated)
(113 missing values generated)
(267 missing values generated)

   app_year |      Freq.     Percent        Cum.
------------+-----------------------------------
       2000 |         93        3.51        3.51
       2001 |        126        4.76        8.27
       2002 |        147        5.55       13.82
       2003 |        166        6.27       20.08
       2004 |        179        6.76       26.84
       2005 |        195        7.36       34.20
       2006 |        204        7.70       41.90
       2007 |        208        7.85       49.75
       2008 |        211        7.97       57.72
       2009 |        219        8.27       65.99
       2010 |        219        8.27       74.25
       2011 |        225        8.49       82.75
       2012 |        226        8.53       91.28
       2013 |        231        8.72      100.00
------------+-----------------------------------
      Total |      2,649      100.00
(1,725 real changes made)
(646 real changes made)
(75 observations deleted)
(545 observations deleted)

Iteration 0:  residual SS =  1611.712
Iteration 1:  residual SS =  1027.281
Iteration 2:  residual SS =  973.3789
Iteration 3:  residual SS =  962.1735
Iteration 4:  residual SS =  961.8118
Iteration 5:  residual SS =   961.809
Iteration 6:  residual SS =  961.8089
Iteration 7:  residual SS =  961.8089
Iteration 8:  residual SS =  961.8089
Iteration 9:  residual SS =  961.8089


Nonlinear regression                                Number of obs =      2,028
                                                    R-squared     =     0.2495
                                                    Adj R-squared =     0.2417
                                                    Root MSE      =   .6924349
                                                    Res. dev.     =   4242.348

------------------------------------------------------------------------------
             |               Robust
        logq | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
         /b0 |   94.28036   .1111092   848.54   0.000     94.06246    94.49826
         /b1 |   4.352888   .8167126     5.33   0.000     2.751195    5.954582
         /b2 |   .3922638   .0691028     5.68   0.000      .256743    .5277847
         /b3 |  -.0230569    .005141    -4.48   0.000    -.0331392   -.0129746
         /b4 |   .0154706   .0065785     2.35   0.019     .0025693     .028372
         /b5 |   .0210745   .0115828     1.82   0.069    -.0016411      .04379
         /b6 |   .1575552   .0302987     5.20   0.000      .098135    .2169754
         /b7 |  -93.46333          .        .       .            .           .
         /b8 |  -93.58313   .1263365  -740.75   0.000     -93.8309   -93.33537
         /b9 |  -93.87146   .1230304  -762.99   0.000    -94.11274   -93.63018
        /b10 |  -93.50416   .1182027  -791.05   0.000    -93.73597   -93.27234
        /b11 |  -93.53308   .1172211  -797.92   0.000    -93.76297   -93.30319
        /b12 |  -93.51639   .1189938  -785.89   0.000    -93.74975   -93.28303
        /b13 |  -93.45978   .1173065  -796.71   0.000    -93.68983   -93.22972
        /b14 |  -93.56178   .1203534  -777.39   0.000    -93.79781   -93.32575
        /b15 |  -94.09607   .1229247  -765.48   0.000    -94.33714   -93.85499
        /b16 |  -93.76827   .1199646  -781.63   0.000    -94.00354     -93.533
        /b17 |  -93.67934   .1200494  -780.34   0.000    -93.91477    -93.4439
        /b18 |  -93.81627   .1238453  -757.53   0.000    -94.05915   -93.57339
        /b19 |  -93.76476    .123973  -756.33   0.000    -94.00789   -93.52163
        /b20 |  -93.55989   .1231428  -759.77   0.000    -93.80139   -93.31839
        /b26 |  -.1554565   .0333876    -4.66   0.000    -.2209345   -.0899786
        /b27 |  -.2488598   .0709635    -3.51   0.000    -.3880298   -.1096899
------------------------------------------------------------------------------
Note: Parameter b0 is used as a constant term during estimation.

Summary statistics: mean
     for variables: krdv_fin semie_mcit_finavg1 semie_qrd2_finavg1

             |   e(mean) 
-------------+-----------
    krdv_fin |  2.375877 
se~t_finavg1 |  .0363954 
se~2_finavg1 |  .2746495 

added scalar:
      e(min_n_fin_pat) =  1

Summary statistics: mean
     for variables: krdv_nonfin semie_mcit_nonfinavg1 semie_qrd2_nonfinavg1

             |   e(mean) 
-------------+-----------
 krdv_nonfin |  .1155083 
semie_mcit.. |  .1353199 
semie_qrd2.. |  10.93437 

added scalar:
      e(min_n_fin_pat) =  1
(274,621 observations deleted)
(227,633 observations deleted)
(42 missing values generated)
(4,420 missing values generated)
(42 missing values generated)
(42 missing values generated)
(29,868 missing values generated)
(29,913 missing values generated)
(42,013 missing values generated)
(42,013 missing values generated)

Duplicates in terms of all variables

(698,734 observations deleted)
(j = 0 1)

Data                               Long   ->   Wide
-----------------------------------------------------------------------------
Number of observations            2,157   ->   1,382       
Number of variables                  19   ->   22          
j variable (2 values)               fin   ->   (dropped)
xij variables:
                                madjcit   ->   madjcit0 madjcit1
                              sumadjcit   ->   sumadjcit0 sumadjcit1
                                 mkogan   ->   mkogan0 mkogan1
                               sumkogan   ->   sumkogan0 sumkogan1
-----------------------------------------------------------------------------
(47 observations deleted)
(28 observations deleted)
(22 observations deleted)
(13 observations deleted)
(12 observations deleted)
(8 observations deleted)
(6 observations deleted)
(4 observations deleted)
(3 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(452 real changes made)
(1,137 missing values generated)
(102 real changes made)
(102 real changes made)
(100 real changes made)
(100 real changes made)
(97 real changes made)
(95 real changes made)
(93 real changes made)
(88 real changes made)
(85 real changes made)
(83 real changes made)
(73 real changes made)
(68 real changes made)
(51 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(452 real changes made)
(1,137 missing values generated)
(102 real changes made)
(102 real changes made)
(100 real changes made)
(100 real changes made)
(97 real changes made)
(95 real changes made)
(93 real changes made)
(88 real changes made)
(85 real changes made)
(83 real changes made)
(73 real changes made)
(68 real changes made)
(51 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(452 real changes made)
(1,137 missing values generated)
(102 real changes made)
(102 real changes made)
(100 real changes made)
(100 real changes made)
(97 real changes made)
(95 real changes made)
(93 real changes made)
(88 real changes made)
(85 real changes made)
(83 real changes made)
(73 real changes made)
(68 real changes made)
(51 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(452 real changes made)
(1,137 missing values generated)
(102 real changes made)
(102 real changes made)
(100 real changes made)
(100 real changes made)
(97 real changes made)
(95 real changes made)
(93 real changes made)
(88 real changes made)
(85 real changes made)
(83 real changes made)
(73 real changes made)
(68 real changes made)
(51 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(1,137 missing values generated)
(102 real changes made)
(102 real changes made)
(100 real changes made)
(100 real changes made)
(97 real changes made)
(95 real changes made)
(93 real changes made)
(88 real changes made)
(85 real changes made)
(83 real changes made)
(73 real changes made)
(68 real changes made)
(51 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(193 real changes made)
(1,137 missing values generated)
(102 real changes made)
(102 real changes made)
(100 real changes made)
(100 real changes made)
(97 real changes made)
(95 real changes made)
(93 real changes made)
(88 real changes made)
(85 real changes made)
(83 real changes made)
(73 real changes made)
(68 real changes made)
(51 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(34 real changes made)
(1,137 missing values generated)
(102 real changes made)
(102 real changes made)
(100 real changes made)
(100 real changes made)
(97 real changes made)
(95 real changes made)
(93 real changes made)
(88 real changes made)
(85 real changes made)
(83 real changes made)
(73 real changes made)
(68 real changes made)
(51 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(12 real changes made)
(1,137 missing values generated)
(102 real changes made)
(102 real changes made)
(100 real changes made)
(100 real changes made)
(97 real changes made)
(95 real changes made)
(93 real changes made)
(88 real changes made)
(85 real changes made)
(83 real changes made)
(73 real changes made)
(68 real changes made)
(51 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(121 real changes made)
(1,137 missing values generated)
(102 real changes made)
(102 real changes made)
(100 real changes made)
(100 real changes made)
(97 real changes made)
(95 real changes made)
(93 real changes made)
(88 real changes made)
(85 real changes made)
(83 real changes made)
(73 real changes made)
(68 real changes made)
(51 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(12 real changes made)
(1,137 missing values generated)
(102 real changes made)
(102 real changes made)
(100 real changes made)
(100 real changes made)
(97 real changes made)
(95 real changes made)
(93 real changes made)
(88 real changes made)
(85 real changes made)
(83 real changes made)
(73 real changes made)
(68 real changes made)
(51 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(1,137 missing values generated)
(102 real changes made)
(102 real changes made)
(100 real changes made)
(100 real changes made)
(97 real changes made)
(95 real changes made)
(93 real changes made)
(88 real changes made)
(85 real changes made)
(83 real changes made)
(73 real changes made)
(68 real changes made)
(51 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(193 real changes made)
(1,137 missing values generated)
(102 real changes made)
(102 real changes made)
(100 real changes made)
(100 real changes made)
(97 real changes made)
(95 real changes made)
(93 real changes made)
(88 real changes made)
(85 real changes made)
(83 real changes made)
(73 real changes made)
(68 real changes made)
(51 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(172 real changes made)
(1,137 missing values generated)
(102 real changes made)
(102 real changes made)
(100 real changes made)
(100 real changes made)
(97 real changes made)
(95 real changes made)
(93 real changes made)
(88 real changes made)
(85 real changes made)
(83 real changes made)
(73 real changes made)
(68 real changes made)
(51 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(1,137 missing values generated)
(102 real changes made)
(102 real changes made)
(100 real changes made)
(100 real changes made)
(97 real changes made)
(95 real changes made)
(93 real changes made)
(88 real changes made)
(85 real changes made)
(83 real changes made)
(73 real changes made)
(68 real changes made)
(51 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(1,137 missing values generated)
(102 real changes made)
(102 real changes made)
(100 real changes made)
(100 real changes made)
(97 real changes made)
(95 real changes made)
(93 real changes made)
(88 real changes made)
(85 real changes made)
(83 real changes made)
(73 real changes made)
(68 real changes made)
(51 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(210 missing values generated)
(529 missing values generated)
(199 missing values generated)
(81 missing values generated)
(93 missing values generated)
(92 missing values generated)

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
  krdv_total |      1,029     .069023    .1815933   2.95e-07   2.343542
    krdv_fin |        710    1.986219    5.415399   .0002125   82.19795
 krdv_nonfin |      1,040    .0790287    .2281014          0   3.231333
   krd_total |      1,158    .0342147    .1210439   1.14e-07   2.343542
     krd_fin |      1,146    2.057492    8.213961   .0001769   113.7688
-------------+---------------------------------------------------------
  krd_nonfin |      1,147     .038217    .1331884          0   2.419212
(162 missing values generated)

Panel variable: permco (unbalanced)
 Time variable: app_year, 2000 to 2013, but with gaps
         Delta: 1 unit
(129 missing values generated)
(93 missing values generated)
(93 missing values generated)
(129 missing values generated)
(92 missing values generated)
(13 missing values generated)
(92 missing values generated)

   app_year |      Freq.     Percent        Cum.
------------+-----------------------------------
       2000 |         54        4.36        4.36
       2001 |         72        5.81       10.17
       2002 |         76        6.13       16.30
       2003 |         86        6.94       23.24
       2004 |         86        6.94       30.19
       2005 |         91        7.34       37.53
       2006 |         93        7.51       45.04
       2007 |         94        7.59       52.62
       2008 |         96        7.75       60.37
       2009 |         97        7.83       68.20
       2010 |         97        7.83       76.03
       2011 |        100        8.07       84.10
       2012 |         98        7.91       92.01
       2013 |         99        7.99      100.00
------------+-----------------------------------
      Total |      1,239      100.00
(529 real changes made)
(199 real changes made)
(33 observations deleted)
(165 observations deleted)

Iteration 0:  residual SS =  803.9508
Iteration 1:  residual SS =  479.8241
Iteration 2:  residual SS =  465.7583
Iteration 3:  residual SS =  463.8926
Iteration 4:  residual SS =  463.8364
Iteration 5:  residual SS =   463.834
Iteration 6:  residual SS =  463.8339
Iteration 7:  residual SS =  463.8339
Iteration 8:  residual SS =  463.8339
Iteration 9:  residual SS =  463.8339
Iteration 10:  residual SS =  463.8339


Nonlinear regression                                Number of obs =      1,041
                                                    R-squared     =     0.2835
                                                    Adj R-squared =     0.2688
                                                    Root MSE      =   .6746742
                                                    Res. dev.     =   2112.675

------------------------------------------------------------------------------
             |               Robust
        logq | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
         /b0 |  -187.4661   .1496132 -1253.00   0.000    -187.7597   -187.1725
         /b1 |   7.472566   1.534292     4.87   0.000     4.461832     10.4833
         /b2 |   .5353596   .1272606     4.21   0.000     .2856367    .7850824
         /b3 |  -.0254273   .0083587    -3.04   0.002    -.0418295   -.0090251
         /b4 |   .0138749   .0102783     1.35   0.177    -.0062942    .0340439
         /b5 |   .0257922   .0153259     1.68   0.093    -.0042818    .0558662
         /b6 |   .4308868   .0824661     5.23   0.000      .269064    .5927097
         /b7 |   188.2002          .        .       .            .           .
         /b8 |    187.953   .1655082  1135.61   0.000     187.6283    188.2778
         /b9 |   187.6107   .1633622  1148.43   0.000     187.2901    187.9312
        /b10 |   187.9325   .1571412  1195.95   0.000     187.6242    188.2409
        /b11 |   187.9215   .1585874  1184.97   0.000     187.6103    188.2327
        /b12 |   187.9009   .1580239  1189.07   0.000     187.5909     188.211
        /b13 |   187.9709    .156963  1197.55   0.000     187.6629    188.2789
        /b14 |    187.896   .1616433  1162.41   0.000     187.5788    188.2132
        /b15 |   187.4737   .1630811  1149.57   0.000     187.1536    187.7937
        /b16 |   187.6813   .1585997  1183.37   0.000     187.3701    187.9925
        /b17 |   187.7238   .1572484  1193.80   0.000     187.4152    188.0324
        /b18 |   187.5682   .1628854  1151.53   0.000     187.2485    187.8878
        /b19 |   187.6971   .1640094  1144.43   0.000     187.3753    188.0189
        /b20 |   187.8503   .1643484  1143.00   0.000     187.5278    188.1728
        /b26 |  -.1723984   .0467465    -3.69   0.000    -.2641289    -.080668
        /b27 |   -.228789   .0943802    -2.42   0.016    -.4139907   -.0435873
------------------------------------------------------------------------------
Note: Parameter b0 is used as a constant term during estimation.

Summary statistics: mean
     for variables: krdv_fin semie_mcit_finavg5 semie_qrd2_finavg5

             |   e(mean) 
-------------+-----------
    krdv_fin |  1.923667 
se~t_finavg5 |  .0419719 
se~2_finavg5 |  .1827517 

added scalar:
      e(min_n_fin_pat) =  5

Summary statistics: mean
     for variables: krdv_nonfin semie_mcit_nonfinavg5 semie_qrd2_nonfinavg5

             |   e(mean) 
-------------+-----------
 krdv_nonfin |  .0739092 
semie_mcit.. |  .2362971 
semie_qrd2.. |  9.663643 

added scalar:
      e(min_n_fin_pat) =  5
(274,621 observations deleted)
(336,877 observations deleted)
(9 missing values generated)
(4,150 missing values generated)
(9 missing values generated)
(9 missing values generated)
(16,703 missing values generated)
(16,708 missing values generated)
(22,420 missing values generated)
(22,420 missing values generated)

Duplicates in terms of all variables

(590,148 observations deleted)
(j = 0 1)

Data                               Long   ->   Wide
-----------------------------------------------------------------------------
Number of observations            1,499   ->   869         
Number of variables                  19   ->   22          
j variable (2 values)               fin   ->   (dropped)
xij variables:
                                madjcit   ->   madjcit0 madjcit1
                              sumadjcit   ->   sumadjcit0 sumadjcit1
                                 mkogan   ->   mkogan0 mkogan1
                               sumkogan   ->   sumkogan0 sumkogan1
-----------------------------------------------------------------------------
(21 observations deleted)
(9 observations deleted)
(7 observations deleted)
(2 observations deleted)
(2 observations deleted)
(1 observation deleted)
(1 observation deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(193 real changes made)
(762 missing values generated)
(64 real changes made)
(64 real changes made)
(63 real changes made)
(63 real changes made)
(62 real changes made)
(62 real changes made)
(61 real changes made)
(60 real changes made)
(59 real changes made)
(58 real changes made)
(54 real changes made)
(52 real changes made)
(40 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(193 real changes made)
(762 missing values generated)
(64 real changes made)
(64 real changes made)
(63 real changes made)
(63 real changes made)
(62 real changes made)
(62 real changes made)
(61 real changes made)
(60 real changes made)
(59 real changes made)
(58 real changes made)
(54 real changes made)
(52 real changes made)
(40 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(193 real changes made)
(762 missing values generated)
(64 real changes made)
(64 real changes made)
(63 real changes made)
(63 real changes made)
(62 real changes made)
(62 real changes made)
(61 real changes made)
(60 real changes made)
(59 real changes made)
(58 real changes made)
(54 real changes made)
(52 real changes made)
(40 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(193 real changes made)
(762 missing values generated)
(64 real changes made)
(64 real changes made)
(63 real changes made)
(63 real changes made)
(62 real changes made)
(62 real changes made)
(61 real changes made)
(60 real changes made)
(59 real changes made)
(58 real changes made)
(54 real changes made)
(52 real changes made)
(40 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(762 missing values generated)
(64 real changes made)
(64 real changes made)
(63 real changes made)
(63 real changes made)
(62 real changes made)
(62 real changes made)
(61 real changes made)
(60 real changes made)
(59 real changes made)
(58 real changes made)
(54 real changes made)
(52 real changes made)
(40 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(94 real changes made)
(762 missing values generated)
(64 real changes made)
(64 real changes made)
(63 real changes made)
(63 real changes made)
(62 real changes made)
(62 real changes made)
(61 real changes made)
(60 real changes made)
(59 real changes made)
(58 real changes made)
(54 real changes made)
(52 real changes made)
(40 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(8 real changes made)
(762 missing values generated)
(64 real changes made)
(64 real changes made)
(63 real changes made)
(63 real changes made)
(62 real changes made)
(62 real changes made)
(61 real changes made)
(60 real changes made)
(59 real changes made)
(58 real changes made)
(54 real changes made)
(52 real changes made)
(40 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(3 real changes made)
(762 missing values generated)
(64 real changes made)
(64 real changes made)
(63 real changes made)
(63 real changes made)
(62 real changes made)
(62 real changes made)
(61 real changes made)
(60 real changes made)
(59 real changes made)
(58 real changes made)
(54 real changes made)
(52 real changes made)
(40 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(36 real changes made)
(762 missing values generated)
(64 real changes made)
(64 real changes made)
(63 real changes made)
(63 real changes made)
(62 real changes made)
(62 real changes made)
(61 real changes made)
(60 real changes made)
(59 real changes made)
(58 real changes made)
(54 real changes made)
(52 real changes made)
(40 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(3 real changes made)
(762 missing values generated)
(64 real changes made)
(64 real changes made)
(63 real changes made)
(63 real changes made)
(62 real changes made)
(62 real changes made)
(61 real changes made)
(60 real changes made)
(59 real changes made)
(58 real changes made)
(54 real changes made)
(52 real changes made)
(40 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(762 missing values generated)
(64 real changes made)
(64 real changes made)
(63 real changes made)
(63 real changes made)
(62 real changes made)
(62 real changes made)
(61 real changes made)
(60 real changes made)
(59 real changes made)
(58 real changes made)
(54 real changes made)
(52 real changes made)
(40 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(94 real changes made)
(762 missing values generated)
(64 real changes made)
(64 real changes made)
(63 real changes made)
(63 real changes made)
(62 real changes made)
(62 real changes made)
(61 real changes made)
(60 real changes made)
(59 real changes made)
(58 real changes made)
(54 real changes made)
(52 real changes made)
(40 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(89 real changes made)
(762 missing values generated)
(64 real changes made)
(64 real changes made)
(63 real changes made)
(63 real changes made)
(62 real changes made)
(62 real changes made)
(61 real changes made)
(60 real changes made)
(59 real changes made)
(58 real changes made)
(54 real changes made)
(52 real changes made)
(40 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(762 missing values generated)
(64 real changes made)
(64 real changes made)
(63 real changes made)
(63 real changes made)
(62 real changes made)
(62 real changes made)
(61 real changes made)
(60 real changes made)
(59 real changes made)
(58 real changes made)
(54 real changes made)
(52 real changes made)
(40 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(762 missing values generated)
(64 real changes made)
(64 real changes made)
(63 real changes made)
(63 real changes made)
(62 real changes made)
(62 real changes made)
(61 real changes made)
(60 real changes made)
(59 real changes made)
(58 real changes made)
(54 real changes made)
(52 real changes made)
(40 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(0 real changes made)
(98 missing values generated)
(247 missing values generated)
(96 missing values generated)
(44 missing values generated)
(49 missing values generated)
(46 missing values generated)

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
  krdv_total |        728    .0648673     .161425   4.57e-06   1.437074
    krdv_fin |        579    2.025387    5.603675   .0012688   82.19795
 krdv_nonfin |        730    .0777469    .2216913          0   3.231333
   krd_total |        782    .0347661     .105774   7.23e-07    1.42339
     krd_fin |        777    2.217094     9.37051   .0007155   113.7688
-------------+---------------------------------------------------------
  krd_nonfin |        780    .0388277    .1164823   7.23e-07    1.64361
(70 missing values generated)

Panel variable: permco (unbalanced)
 Time variable: app_year, 2000 to 2013, but with gaps
         Delta: 1 unit
(60 missing values generated)
(49 missing values generated)
(49 missing values generated)
(60 missing values generated)
(46 missing values generated)
(46 missing values generated)

   app_year |      Freq.     Percent        Cum.
------------+-----------------------------------
       2000 |         42        5.08        5.08
       2001 |         54        6.54       11.62
       2002 |         56        6.78       18.40
       2003 |         60        7.26       25.67
       2004 |         60        7.26       32.93
       2005 |         62        7.51       40.44
       2006 |         62        7.51       47.94
       2007 |         61        7.38       55.33
       2008 |         61        7.38       62.71
       2009 |         61        7.38       70.10
       2010 |         61        7.38       77.48
       2011 |         62        7.51       84.99
       2012 |         62        7.51       92.49
       2013 |         62        7.51      100.00
------------+-----------------------------------
      Total |        826      100.00
(247 real changes made)
(96 real changes made)
(10 observations deleted)
(73 observations deleted)

Iteration 0:  residual SS =  603.3089
Iteration 1:  residual SS =  346.3373
Iteration 2:  residual SS =   335.512
Iteration 3:  residual SS =  334.0434
Iteration 4:  residual SS =  334.0006
Iteration 5:  residual SS =  333.9986
Iteration 6:  residual SS =  333.9985
Iteration 7:  residual SS =  333.9985
Iteration 8:  residual SS =  333.9985
Iteration 9:  residual SS =  333.9985
Iteration 10:  residual SS =  333.9985
Iteration 11:  residual SS =  333.9985
Iteration 12:  residual SS =  333.9985


Nonlinear regression                                Number of obs =        743
                                                    R-squared     =     0.2939
                                                    Adj R-squared =     0.2734
                                                    Root MSE      =   .6806198
                                                    Res. dev.     =    1514.47

------------------------------------------------------------------------------
             |               Robust
        logq | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
         /b0 |  -1361.011    .136906 -9941.21   0.000     -1361.28   -1360.742
         /b1 |    6.63776   1.640697     4.05   0.000     3.416646    9.858873
         /b2 |   .6016445   .1659139     3.63   0.000     .2759123    .9273766
         /b3 |  -.0315372   .0111705    -2.82   0.005    -.0534678   -.0096065
         /b4 |   .0240943   .0136002     1.77   0.077    -.0026064     .050795
         /b5 |  -.0154305   .0416354    -0.37   0.711    -.0971717    .0663107
         /b6 |   .4469655   .1181228     3.78   0.000     .2150598    .6788712
         /b7 |   1361.861   .1779403  7653.47   0.000     1361.512    1362.211
         /b8 |   1361.644          .        .       .            .           .
         /b9 |   1361.279   .1431702  9508.12   0.000     1360.998     1361.56
        /b10 |   1361.569   .1323593 10286.91   0.000     1361.309    1361.829
        /b11 |   1361.517   .1366704  9962.05   0.000     1361.249    1361.785
        /b12 |   1361.507   .1363906  9982.41   0.000      1361.24    1361.775
        /b13 |   1361.533   .1322814 10292.70   0.000     1361.273    1361.793
        /b14 |   1361.479   .1452135  9375.71   0.000     1361.194    1361.764
        /b15 |   1361.059   .1463192  9301.98   0.000     1360.771    1361.346
        /b16 |   1361.237   .1343874 10129.20   0.000     1360.973    1361.501
        /b17 |   1361.283   .1326564 10261.72   0.000     1361.022    1361.543
        /b18 |   1361.088   .1377202  9882.99   0.000     1360.818    1361.359
        /b19 |   1361.195   .1379183  9869.57   0.000     1360.924    1361.465
        /b20 |    1361.36   .1329781 10237.48   0.000     1361.099    1361.621
        /b26 |  -.2571406   .0640461    -4.01   0.000    -.3828797   -.1314015
        /b27 |  -.0838154   .1105892    -0.76   0.449    -.3009307    .1332998
------------------------------------------------------------------------------
Note: Parameter b0 is used as a constant term during estimation.

Summary statistics: mean
     for variables: krdv_fin semie_mcit_finavg10 semie_qrd2_finavg10

             |   e(mean) 
-------------+-----------
    krdv_fin |  2.007255 
s~t_finavg10 | -.0105506 
s~2_finavg10 |  -.100632 

added scalar:
      e(min_n_fin_pat) =  10

Summary statistics: mean
     for variables: krdv_nonfin semie_mcit_nonfinavg10 semie_qrd2_nonfinavg10

             |   e(mean) 
-------------+-----------
 krdv_nonfin |  .0766296 
semie_mcit.. |  .2397451 
semie_qrd2.. |  12.41443 

added scalar:
      e(min_n_fin_pat) =  10

. 
. esttab private_*_2013 using "TabA25_privatereturn.tex", replace ///
>                 cells("mean(fmt(3))") ///
>         nostar nonotes nonumber varwidth(10) label ///
>                 stats(min_n_fin_pat, labels("Minimum number of finance patents"))
(file TabA25_privatereturn.tex not found)
(output written to TabA25_privatereturn.tex)

.         
. eststo clear

. 
. 
. 
. 
. log close
      name:  <unnamed>
       log:  /Users/gxzheng/Desktop/fintech/fin_addition/fin_addition.log
  log type:  text
 closed on:  16 May 2023, 17:52:36
------------------------------------------------------------------------------------------------------------------------
